Crude Oil Prices September 18, 2012, Technical
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The light sweet crude markets fell precipitously during the session on Monday as rumors about a release of the SPR continue. However, this is always an opportunity to buy it seems as the market tends to rebound quite quickly after this happens.
The $95 level looks to be fairly supportive, and if we do get broken down below it, the $90 level should continue to offer support as well. Is because of this that we actually welcome any SPR release as an opportunity to buy this market. As for selling, it simply isn’t possible with all of the headline risk out of the Middle East, and the quantitative easing that the Federal Reserve has just announced.
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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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