By FX Empire.com
Light Sweet Crude
The CL contract fell during the Wednesday session as the economic outlook is starting to dim in both the EU and China as well. The markets were fairly illiquid during the session, so analysis won’t be as direct as it usually is. The $95 level did hold, so we still see it as massive support, and see a potential bounce back up form there. The situation in Europe will more than likely play a huge role in this market, so sudden moves could be made. Staying out of the market until Monday is advised as the markets should continue ot be illiquid until then.
Oil Forecast Nov. 24th, 2011, Technical Analysis
Brent
Brent retraced the bounce form Tuesday during the Wednesday session as the economic worries continue around the world. Europe is starting to enter a particularly dangerous phase of the crisis, so fear will continue to weigh on risk assets such as Brent. The markets are illiquid, so getting involved at this point is probably dangerous until the trading community in America returns on Monday after the Thanksgiving holiday.
Originally posted here
