Crude Oil Prices September 27, 2012, Technical Analysis

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The light sweet crude markets fell during the session on Wednesday, and even managed to crack below the $90 level. This area does begin a significant amount of support though, and as such we did see a bounce later in the day.

The daily candle did in the end print a hammer, and as such it does look like we’re going to see a little bit of support in this general vicinity. We are willing to go long of this market on a break of the highs from the Wednesday session. We see quite a bit of support all the way down to $88, and as such we know that a bounce could be coming. It is not until we get below the $85 level that we are comfortable shorting this market, as there is so much in the way of support between here and there.

 

Crude Oil Prices September 27, 2012, Technical Analysis

Crude Oil Prices September 27, 2012, Technical Analysis

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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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