Oil Forecast January 11th, 2012, Technical Analysis

Light Sweet Crude markets rose during the session on Tuesday as the trade upwards continued. However, the candle was a shooting star, and shows signs of weakness. The $105 level is still just above, and it makes the next attempt upwards that much more difficult. Adding to the confusion is the hammer from the Monday session. With this in mind, we see this market as somewhat messy and confused at the moment. With the market acting like this – we need to be flat currently. If the market can close above the $105 level on a daily chart – we would buy. If the market closes below the $100 level, we would sell. Until then, we are going to simply wait and watch.

Oil Forecast January 11th, 2012, Technical Analysis
Oil Forecast January 11th, 2012, Technical Analysis

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