Crude Oil Prices September 21, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The light sweet crude markets fell during the session initially, but by the end of the Thursday trading session, we found ourselves printing a bullish hammer. The $90 level offered enough support in order to give buyers hope in reaction to this candlestick.

On a break of the top of the hammer, we would be willing to buy oil as we think it would continue to the $95 level, and then the $100 level. However, these candles offer a sell signal as well. This is when the market breaks down below the bottom of the hammer which signifies support giving way. Because of this, we find ourselves in a binary equation in the sense that we will unify a break higher, or sell a break lower.

 

Crude Oil Prices September 21, 2012, Technical Analysis

Crude Oil Prices September 21, 2012, Technical Analysis

Find a Broker
Continue to FX Empire Network