Crude Oil Prices September 19, 2012, Technical

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The light sweet crude market had a negative session on Tuesday as the $95 level continues to be tested as support. The market looks extremely tenuous at this point time, but we see so many different support levels below that we are very hesitant to short it.

There are rumors of in SPR release in the near future, and this of course has wait upon the markets recently. However, we think that the uptrend is still very much intact, and would remind you that the last time the SPR was released; prices only fell for about eight days. Because of this, we are buying dips as they come along.

Crude Oil Prices September 19, 2012, Technical

Crude Oil Prices September 19, 2012, Technical

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About: FX Empire Analyst - Christopher Lewis

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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