Crude Oil Prices November 28, 2012, Technical Analysis

The light sweet crude markets had a slightly negative session on Tuesday as we pulled back underneath the $80.00 level. This market looks a little bit weak at the moment, and the fact that the Israelis and Hamas have their potential or, this has made a lot of the “risk premium” come out of the oil market.

It technically speaking, it does look like we are heading down to the $84.00 level eventually. We are looking for some type of rally to short at this point that shows signs of weakening. With this in mind, we are not ready to place our trade yet, but do see potential the short any signs of strength in this market. If we managed to get below $84.00, we think this market could fall as low as $78.00 in relatively short order.