By FXEmpire.com
The Light Sweet Crude markets were again fairly quiet on Tuesday as the markets hold above the $80 support area. The $85 level has kept a lid on markets for a while as well, but the real resistance is at the $90 in our opinion. The market will more than likely sit around until after the Fed announcement later today. If the Fed looks to continue to ease, this should work against the Dollar on the whole, and the oil markets could get a boost. Of course, there is the possibility of the exact opposite happening as well. Because of this, we need to see a break and daily close below the $80 level to sell. We would also consider selling rallies that fail at the $90 mark, and choose not to buy until we get a daily close above it.
Click here for further Crude Oil Forecast.
Originally posted here
