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
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.
