By FX Empire.com
The Light Sweet Crude markets rose again on Wednesday as the market bounced off of the now well-known $104 to $105 support level. With this recent action, it appears that we may see continued consolidation between the $104 and $110 levels. The recent action has us believing that the overall uptrend is still intact, but currently taking a pause to reload. The market is a “buy only” one, and we are willing to get involved now, knowing that in order to make real progress, we need to see the $110 level overtaken on a daily close. Selling isn’t an option to us at this point.
Oil Forecast March 8, 2012, Technical Analysis
Originally posted here
