By FXEmpire.com
The Light Sweet Crude markets fell during the session on Wednesday as the US inventories number for the week was a larger than expected build in supply. Because of this, the market was always going to fall for the session. However, the $104 level still remains firm, and we are not willing to sell at this point.
The bounce from this level has been reliable, and as such we are buying for short-term longs in this market at this level. The market would have to break below the $95 level in order to have us selling, and any long positions we take at this point will be closed out at the $108 level as it has been very intense resistive.
Oil Forecast March 29, 2012, Technical Analysis
Originally posted here
