By FXEmpire.com
The Light Sweet Crude market had a whippy day on Wednesday as the Federal Reserve struggled to clearly articulate its position. The Federal Reserve statement made no mention of easing at all, and this sent commodities lower. However, once the news conference started we saw Dr. Bernanke suggest that the ability to ease is still there, and that they will watch the markets and economy in order to decide whether or not they will. Going forward, there is little clarity, and this chart shows it. It looks like we still sit in the consolidation area between the $102 and $105 levels. In the mean time, this market is far too murky for our liking, and we will wait until we break out of this very tight range to make our next trade.
Click here a current Crude Oil Chart.
Originally posted here
