By FXEmpire.com
The Light Sweet Crude markets had another bearish session for the Wednesday market, but found support at the important psychological number of $90. The area providing support wasn’t really much of a surprise, as it is a large “round number”. The market continues to looks weak, but a potential bounce from this area has to be taken into account at this point.
The $90 level is a major spot as far as we can tell, and a daily close below that level would have us selling aggressively as the market would look effectively broken at this point. The Dollar has been rising in value, and this should continue to put pressure on this market as well. As for buying, we don’t see a situation where we want to do so.
Click here for updated Crude Oil News.
Originally posted here
