On Demand

Crude Oil Prices July 3, 2012, Technical

By FXEmpire.com

Looking at the light sweet crude market for the Monday session, one cannot help but notice the fact that the $85 level has held as resistance. It's an obvious spot for this to happen, but by the end of the day the market had push prices back up in order to form a bit of a hammer. This sets up an interesting trade for Tuesday, as a break below the bottom of the hammer would be an extremely bearish signal, especially if we were to make new lows. However, a break of the high from the Monday session would have this market seriously testing the resistance between $85 and $86. If that can be overcome on a daily close, we would be more than willing to buy as it would be very bullish sign for the crude oil markets and would open the door to the $90 level.

Click here a current Crude Oil Chart.

Originally posted here


Join In on this conversation, post a comment below.
No comments yet... Be the first to comment.

About the Author

FX Empire provides its readers and subscribers with the most expert and the most timely technical analyses, fundamental analyses, and news-pieces; this in order to empower them to make, for themselves, the best possible financial decisions. Our expert and user reviews of Forex brokers help our reader endeavor into Forex investing.

FXEmpire.com is updated daily with video based Technical Analyses, text based Fundamental Analyses and news-pieces. Our readers receive a review of the past week’s market activity coupled with an outlook for the upcoming week and regular market updates.

The FX Empire’s analysis departments and news desks are staffed with industry experts, each with academic backgrounds in relevant fields and years of trading experience. Some FX Empire analysts have positions in various markets. Those positions are widely varying and change frequently. 

Membership is Free. Join Now in less than 5 seconds! Alternatively Join or Sign In here.