Crude Oil Prices September 4, 2012 Technical
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The light sweet crude markets had a slightly positive day for the Monday session, but it must be kept in mind that the day would’ve had less than usual volume due to the Labor Day holiday and United States. However, we did break out on Friday a bit, and this does suggest that this will simply be a continuation of the bullish tendency that this market has shown over time.
We still see the $100 level as a resistance point, but it should only be a minor one. After all, it has been slice through several times and we see much more resistance at the $105 level. We are more than willing to go long at this point in time, as we see the $95 level as the beginning of pretty significant support.
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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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