The light sweet crude markets bounced slightly during the session on Friday in order to continue with the recent consolidation. This market looks like a
The light sweet crude markets bounced slightly during the session on Friday in order to continue with the recent consolidation. This market looks like a very weak one, but one that is going to be difficult to break. Because of this, we think the market will continue to bounce around in the general vicinity and offer rally is that can be sold.
If we managed to break down below the $84.00 level, at that point time we would become aggressively short of this market. Until then though, we think that rallies are to be sold, and choppiness will be the order of the day.
Crude Oil Prices December 17, 2012, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
