By FXEmpire.com
The Light Sweet Crude markets fell hard on Wednesday as the Dollar gained overall. The $104 level has given way, and it looks like more softness is coming. The market closed at the very bottom of the range for the session, and this shows that the momentum is still with the bears. The $100 level below should continue to hold as support, at least for a moment. We aren’t selling yet though – we need to see $95 give way first as there are far too many reasons that oil can spike. The headline risk is still to the upside, and the Non-Farm Payroll numbers could be the key. In the mean time, we are flat.
Oil Forecast April 5, 2012, Technical Analysis
Originally posted here
