The Light Sweet Crude markets rose for much of the session on Tuesday, but fell in the later hours to form a shooting star. The candle is formed on top of the $98 level, which has been very supportive lately. The level is one we have been watching, and the longer this market continues to hover around it, the more significant a breakdown would be at this point.
On a daily close below the $98 level, we are short of this market. It can find support in the $94 area, and the $90 below that. The upside isn't possible until we see the market clear the $105 resistance area on a daily close.
Oil Forecast February 1, 2012, Technical Analysis
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