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.
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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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