Oil Forecast January 31, 2012, Technical Analysis

 

The Light Sweet Crude markets fell a bit on Monday in a fairly quiet session. The market is now finding itself more likely to be on the low side of $100 rather than the upside from there. The range has been extremely tight lately, and it appears that the $98 level is holding the market up at this point. If we get a close below that on the daily, we would sell as the market appears weak overall. The buying of this contract isn’t considered until we get a close above the $105 handle.

Oil Forecast January 31, 2012, Technical Analysis
Oil Forecast January 31, 2012, Technical Analysis

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