Oil Forecast February 3, 2012, Technical Analysis

The Light Sweet Crude markets fell again for the session on Thursday as the economic picture is finally weighing on the minds of traders. The lack of demand has been all but ignored recently, and as a result the market is far overbought. The $98 mark was one that we mentioned as a trigger to sell, and as you see it has worked out so far.

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>$94 looks to be support, and the $95 level offered some as well during the session. With the Non-Farm Payroll number coming out in America today, this could be a mover as well. Higher job numbers could be bullish for oil, but a weaker than expected one will continue to push oil lower. We are selling rallies at this point.

Oil Forecast February 3, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

Name	S3	S2	S1	Pivot	R1	R2	R3
Classic	92.6967	94.0633	95.1367	96.5033	97.5767	98.9433	100.017
Fibonacci	94.0633	94.9954	95.5713	96.5033	97.4354	98.0113	98.9433
Camarilla	95.5390	95.7627	95.9863	96.5033	96.4337	96.6573	96.8810
Woodie's	-	93.9900	94.9900	96.4300	97.4300	98.8700	-
DeMark's	-	-	97.0400	96.2350	94.6000	-	-