The Light Sweet Crude markets rose very slightly by the end of the session on Monday to form a hammer just above the $105 level. The market is still bullish as the $105 level still holds firm as support. The Iranian situation will continue to push prices around, and we think that this market is in a “buy only” mode. This is especially true as long as we are above the $100 level. The $110 level above should continue to act as a resistive barrier, and the market will have to fight rather hard to get through. However, the $115 level is still our target, and we are willing to buy on a break of the Monday highs.
Oil Forecast March 6, 2012, Technical Analysis
Originally posted here
