Crude Oil Prices August 27, 2012, Technical

The light sweet crude market had a very flat day on Friday, as the markets it’s just above the $96 level. The bottom of the range essentially went down to try and retest the $95 level, but there was probably a lack of trading volume for the session as a result of the day being Friday. Most traders currently do not like to carry risk over the weekend, especially with all the headline risk out there.

Looking at this chart, we can see that a break below the $95 level on a daily close would in fact be rather significant. This is especially true if we can close sub $94. On the other hand, if we break the top of Thursday’s range, we should see a move up to $100 in relative short order.

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