By FXEmpire.com
The Light Sweet Crude markets had a back and forth week, but ended up essentially unchanged. The volatility should continue as the Iranian situation hasn’t changed, and the demand in places such as India, China, and Brazil continue to push prices higher.
The $104 level seems to be very supportive, and there are simply far too many places below that look supportive as well. The $100 level is a major spot, and it would take a break below the $95 level in order for us to think of selling. As a result, we are buying dips in the meantime.
Oil Forecast for the Week of April 9, 2012, Technical Analysis
Originally posted here
