Crude Oil Prices June 11, 2012, Technical Analysis

The Light Sweet crude market fell for much of the Friday session as the “risk off” trade continued. However, once the Europeans left, the Americans turned it around into a hammer for the session. This looks as if it is an attempt to find more support, but the market is decidedly bearish at this point. The bounce that could be coming will more than likely find a struggle at the $85 to $86 level, and we are ready to sell on the first sign of serious resistance. As for buying, we need to see $90 cleared on a daily close.

Crude Oil Prices June 11, 2012, Technical Analysis
Crude Oil Prices June 11, 2012, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *