By FX Empire.com
The Light Sweet Crude markets have continued to grind in a consolidative tone over the last week as traders continue to try and figure out whether or not the demand measures up to the supply, the Iranian situation will settle down, and if the European crisis will get worse. As long as these issues are at the forefront, we feel this market might have a hard time getting traction in either direction. The recent consolidation between $95 and $105 should continue for the time being, and as a result we don’t like this market for longer-term trades. Until we get a close outside of those levels, we see no real chances for long-term plays.
Oil Forecast for the Week of February 13, 2012, Technical Analysis
Originally posted here
