Markets

Oil Forecast February 15, 2012, Technical Analysis

Light Sweet Crude rose for most of the trading session on Tuesday, but pulled back to form a shooting star just under the $102 level. With this candle, it appears that the $102 level will now start to act as resistance. As we noted yesterday, this market looked as if it wanted to rise, but it also looked as if it could become quite choppy. This recent action over the last session does absolutely nothing to dispel that idea. Because of this, we are awaiting a serious breakout or break down of the market in order to get involved. The $104 level is overhead resistance and the $95 level is support below. In the mean time, this market should continue to chop around. We would also consider selling nearer to $104 on weakness and buying closer to $95 on support for a range bound play.

"Oil

Oil Forecast February 15, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

Name S3 S2 S1 Pivot R1 R2 R3
Classic 99.4267 100.028 101.007 101.608 102.587 103.188 104.167
Fibonacci 100.028 100.632 101.005 101.608 102.212 102.585 103.188
Camarilla 101.551 101.695 101.840 101.608 102.130 102.275 102.420
Woodie's - 100.123 101.195 101.703 102.775 103.283 -
DeMark's - - 102.888 101.759 101.308 - -

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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