By FX Empire.com
The Light Sweet Crude markets rocked back and forth for the Friday session, but in the end closed out with just a modest gain. The Non-Farm Payroll report came out a bit stronger than expected, and this drove up the speculation that energy will be in more demand than in the past. With all of this being said, the problems in the Middle East continue to push the price higher as well.
The daily chart does look like it is trying to form a bullish flag, and with this we think that the market is winding up for another leg higher. The braking of this flag is reason enough to buy, and it helps that the trend is with you anyway. We are buying a break of the flag, and are aiming for the $115 level when it happens.
Oil Forecast March 12, 2012, Technical Analysis
Originally posted here
