Oil Forecast March 12, 2012, Technical Analysis

The Light Sweet Crude markets rocked back and forth for the Friday session, but in the end closed out with just a modest gain. The Non-Farm Payroll report came out a bit stronger than expected, and this drove up the speculation that energy will be in more demand than in the past. With all of this being said, the problems in the Middle East continue to push the price higher as well.

The daily chart does look like it is trying to form a bullish flag, and with this we think that the market is winding up for another leg higher. The braking of this flag is reason enough to buy, and it helps that the trend is with you anyway. We are buying a break of the flag, and are aiming for the $115 level when it happens. 

Oil Forecast March 12, 2012, Technical Analysis
Oil Forecast March 12, 2012, Technical Analysis

 

One thought on “Oil Forecast March 12, 2012, Technical Analysis”

  1. Why not leave those lower prices for refineries to snatch up so the savings can be passed on to consumers? It doesn’t matter if speculative traders push prices or not, every dime you make off oil costs us at the pumps and that trashes our economy. People are sick of your greed and we’re going to put an end to it. Do you understand that? Seriously? People are sick of Wall Street middlemen skimming off the top of everything. The growing sentiment is that you’re all a bunch of traitors aiming for the $115 level. What’s that going to cost us?

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