Crude Oil Prices September 3, 2012, Technical Analysis
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The light sweet crude markets had a very solid day on the Friday as the market bounced off of the $95 support level. This may have partly been in reaction to the speech by Federal Reserve Chairman Ben Bernanke in Jackson Hole, Wyoming. He did in fact suggest that the Federal Reserve could not rule out purchasing more bonds. Because of this, commodity traders began to bet on inflation. This of course helps the value of oil, just as it did many other commodities.
On a break of the highs from the previous week, we would be breaking the top of the shooting star from the weekly timeframe. This is an excellent buying signal as far as we can tell, and as such we would be doing so at that point. As for selling, there are far too many support levels below in order to do that.
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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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