Oil Forecast Nov. 3rd, 2011, Technical Analysis
Technical Reports
Light Sweet Crude
The CL contract broke above the top of the hammer printed on Tuesday during the Wednesday session. The pop was short-lived however, and the market looks like it wants to sit still as the daily candle was a shooting star. This shows the market is going to consolidate in the current area more than likely, and will only be worth scalping if this happens.
Brent
The Brent markets would have offered a gain if you took the buy signal that was stated when the top of the Tuesday hammer was broken, but you would have had to been fairly quick. Looking forward, when you see a hammer followed by a shooting star is never really a good sign as it shows mass confusion. Because of this, we are out of this market for the moment until we get a clearer signal.
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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