Crude Oil Prices November 7, 2012, Technical Analysis

The light sweet crude markets absolutely exploded during the session on Tuesday. The end of the session saw the market closing at the top of the range, right around the $80.50 level. This is the beginning of resistance however, and as such we think that the upside is somewhat limited. The 80 $80.50 level is the beginning of significant noise all the way up to the $99.50 area. Because of this, we think that a weak candle will be a nice selling opportunity. The downturn that we have had over the last couple of months is still very valid, and we think that a continuation of this could very well happen at the $90 area.

 

Crude Oil Prices November 7, 2012, Technical Analysis
Crude Oil Prices November 7, 2012, Technical Analysis

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