The Light Sweet Crude oil markets had a bullish week are traders continue to worry about the Iranian threat to close the Strait of Hormuz. The $105 level still seems to be overly resistive, and until we can close above that level on a daily close – the upside seems limited. The $100 level below looks very supportive as well, but a break below that would signal the breaking of a shooting star-like candle for this previous week. We have a simple set up at this point: Buy on a daily close above the $105 level and aim for $115, or sell on a daily close below the $100 level to aims for roughly $94 a barrel.
Oil Forecast for the Week of January 9th, 2012, Technical Analysis
Originally posted here
