Crude Oil Prices September 10, 2012, Technical
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The light sweet crude markets had a fairly strong showing on Friday as the $94 level offers support yet again. In fact, we see the $94 area as a “floor” in this marketplace. We are more than willing to buying this market every time it dips, and believe that if we can finally break out of the $98 level, we should see $100 right away, and eventually $105.
As for selling the crude oil markets, we feel that we have to at the very least be below the $90 handle in order to be comfortable. The market looks very well supported at this point in time, and with the Federal Reserve getting ready to ease its monetary policy yet again, crude oil should remain somewhat bid.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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