The Light Sweet Crude market rose for the Tuesday session as rumors of a Greek agreement hit the markets. This wasn't so much a "pro-oil" play, rather an "anti-Dollar" one. However, at the close there was no agreement, and this could be another fake out.
The $100 level still looms above, and could very well be resistant. The demand picture will not have been changed by any agreement in Athens, so this rally will more than likely offer a selling opportunity. The market is still looking a bit on the heavy side, and there is also a possibility of a downward channel forming now. Because of this, we sell weakness as it comes by selling rallies that produce fading candles.
Oil Forecast February 8, 2012, Technical Analysis
Like us on Facebook
Crude Oil Pivot Points (Time Frame: 1 Day)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 93.3400 | 94.5800 | 96.9800 | 98.2200 | 100.620 | 101.860 | 104.260 |
| Fibonacci | 94.5800 | 95.9705 | 96.8295 | 98.2200 | 99.6105 | 100.470 | 101.860 |
| Camarilla | 98.3790 | 98.7127 | 99.0463 | 98.2200 | 99.7137 | 100.047 | 100.381 |
| Woodie's | - | 94.8700 | 97.5600 | 98.5100 | 101.200 | 102.150 | - |
| DeMark's | - | - | 101.240 | 98.5300 | 97.6000 | - | - |
Follow us on LinkedIn 
LinkedIn
- Also read: DAILY KITCOMMENTARY FOR: Dec. 23, 2010
- Also read: Gold -Daily Technical Forecast
- Also read: Silver - Daily Technical Forecast
Popular Multimedia
Phillip Phillips: Things You Need to Know, His Girlfriend and His Victory at the American Idol [PHOTOS & VIDEO]
Top Ten Happiest Countries in the World in 2012 [SLIDESHOW]
World’s Largest Pool, The Crystal Lagoon Chile, Wows Guests At San Alfonso Del Mar Resort [PHOTOS]
POM Juice Lawsuit: 5 Other Companies Accused Of False Advertising
