By FXEmpire.com
The Light Sweet Crude markets rose during the Monday session as the Dollar was sold off. Much of the Dollar weakness was based upon comments by Federal Reserve Chairman Ben Bernanke suggesting that Quantitative Easing 3 was still possible. As the Dollar fell, risk assets continued to rise, and this included the oil markets.
With the issues with the Iranians and the West, there are plenty of reasons to buy the market presently. All Mr. Bernanke did on Monday was put an emphasis on the need to sell Dollars. The demand coming out of emerging markets should continue to drive prices higher, and the massive support at $105 still looks very formidable. Because of this, the market looks like a “buy only” one at this moment. While we prefer pullbacks in which to buy from, we are also willing to buy at this point as well. Selling isn’t possible until we break below the $95 level.
Oil Forecast March 27, 2012, Technical Analysis
Originally posted here
