Oil Forecast January 24, 2012, Technical Analysis

Oil markets gained during the Monday session as the EU approved sanctions against Iranian imports. Of course, they are agreeing to do it in 6 months, (Sounds like the “solutions” to the debt crisis.) and as a result the bullishness is probably a bit muted. A lot can happen in 6 months, and you can be assured it will.

The $98 level was broken below, but we didn’t get the daily close. Because of this, we aren’t shorting yet, but certainly aren’t quite so bullish either. In the end, it looks like we are stuck between $98 and $102 or so. We are bearish more than anything else, and are looking to sell a sub-$98 close.

Oil Forecast January 24, 2012, Technical Analysis
Oil Forecast January 24, 2012, Technical Analysis

Leave a Reply

Your email address will not be published.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