The light sweet crude markets had a positive session on Friday as we continue to grind between $86.00 and $90.00 over the last couple of weeks. This
The light sweet crude markets had a positive session on Friday as we continue to grind between $86.00 and $90.00 over the last couple of weeks. This consolidation zone seems pretty strong, and as a result we think that sideways trading could continue. We see a significant amount resistance at $90.00, and think it continues all the way to $94.00. As a result, we think that any moves higher will more than likely offer an opportunity to start selling again. If we fall from this point time, we think that the $84.00 level is the key to finally breaking down and getting lower prices.
Crude Oil Prices December 3, 2012, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
