Crude Prices August 2, 2012, Technical Analysis

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By FXEmpire.com

The light sweet crude markets had a slightly bullish session on Wednesday, but fell in the end in order to form a shooting star. The candle sits just above the $88 level, which is proving to be somewhat supportive lately. Nonetheless, this does look like a weak market at this point in time, and as such we are not willing to buy oil in the short term.

However, it should be stated that the selling of this market can't be done until we clear the support level that goes all the way down to the 84 handle. With this in mind, we are on the outside looking in when it comes to the light sweet crude markets.

Click here a current USD/CAD Chart.

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