Advertisement
Advertisement

Oil Technical Analysis October 31, 2011

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

Light Sweet Crude CL had a negative day on Friday, but the high from the shooting star on Tuesday is in sight. A breaking of that level, $95, should send

Oil Technical Analysis October 31, 2011

Light Sweet Crude

CL had a negative day on Friday, but the high from the shooting star on Tuesday is in sight. A breaking of that level, $95, should send the market back up to the $100 mark before it is all said and done. We like buying, but not until we close above $95, or on dips at this point.

Brent

The Brent markets fell on Friday as traders retreated from the $112.50 level. The market is finding that area massively resistive, and as such we aren’t buying in this area. However, we need to see the market fall a bit lower before we are ready to sell. The $107.50 level should be the support area that we are to watch. The breaking of that level on the daily close gets us selling.

About the Author

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.

Did you find this article useful?

Advertisement