By FX Empire.com
The Light Sweet Crude markets shot straight up yet again on Friday as the situation in Iran continues to worry investors. The market has been a one-way trade since the $105 level was broken, and as a result we could be ready for a pullback. However, the next sign of potential resistance is at the $110 level, but this is expected to be minor and based upon the “round number effect”. The next large amount of resistance looks to be at the $115 level.
Because of this, we are buying oil on pullbacks and dips. We won’t sell at this point, even if the move is parabolic. The fact is that oil should continue to the upside, and as a result we see this as a “buy only” market currently.
Oil Forecast February 27, 2012, Technical Analysis
Originally posted here
