Light Sweet Crude fell slightly by the end of the session on Friday as the markets had a volatile day. The downside was explored, but the supportive action shows more indecision than anything else in this market. The market held up quite nicely considering, but the market is starting to look a bit heavy at this point in time. We like selling rallies for the short-term as the market will more than likely feel the need to test $95 before it is all said and done. With all that is going on, the market will be prone to sudden moves, and this is why we are not trading for longer term positions at the moment.
Oil Forecast January 16, 2012, Technical Analysis
Originally posted here
