Markets

Oil Forecast February 17, 2012, Technical Analysis

With the recent tensions in the Middle East, it really isn't much of a surprise that oil prices have been rising. The Thursday session originally saw a dip, but then bounced to form a hammer. The hammer itself shows just how much momentum is starting to build up in the oil markets.

The break of $105 is our signal to go long, and a daily close above that mark will have us long of this market. The market is still in consolidation until then, so we are watching the area for signs of either weakness to sell, or a surge to buy. At this point in time, we are simply going to wait until we see the reaction to this mark. Given the hammer that formed, at the moment one would have to think that the bulls have the upper hand at the moment.

"Oil

Oil Forecast February 17, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

Name S3 S2 S1 Pivot R1 R2 R3
Classic 99.6867 100.423 101.807 102.543 103.927 104.663 106.047
Fibonacci 100.423 101.233 101.734 102.543 103.353 103.854 104.663
Camarilla 102.607 102.801 102.996 102.543 103.384 103.579 103.773
Woodie's - 100.585 102.130 102.705 104.250 104.825 -
DeMark's - - 104.295 102.728 102.175 - -

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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Commodities