By FXEmpire.com
The Light Sweet Crude markets rose a bit during the session on Wednesday as the support area just below current level continues to hold this market up. The Iranians and Saudis are jawboning back and forth about the supply of oil, and this of course will move the markets around.
The recent flag still holds in our opinion, and as a result we still look for the $122 level to be reached sooner or later. The move up will more than likely be choppy as we could pause at $110, $112, and $115 as well. We are comfortable buying here, but we know the road ahead won’t be a straight line up.
Oil Forecast March 22, 2012, Technical Analysis
Originally posted here
