Crude Oil Prices September 21, 2012, Technical Analysis
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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.
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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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