Light Sweet Crude rose for most of the trading session on Tuesday, but pulled back to form a shooting star just under the $102 level. With this candle, it appears that the $102 level will now start to act as resistance. As we noted yesterday, this market looked as if it wanted to rise, but it also looked as if it could become quite choppy. This recent action over the last session does absolutely nothing to dispel that idea. Because of this, we are awaiting a serious breakout or break down of the market in order to get involved. The $104 level is overhead resistance and the $95 level is support below. In the mean time, this market should continue to chop around. We would also consider selling nearer to $104 on weakness and buying closer to $95 on support for a range bound play.

Oil

Oil Forecast February 15, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
99.4267
100.028
101.007
101.608
102.587
103.188
104.167

 Fibonacci
100.028
100.632
101.005
101.608
102.212
102.585
103.188

 Camarilla
101.551
101.695
101.840
101.608
102.130
102.275
102.420

 Woodie's
-
100.123
101.195
101.703
102.775
103.283
-

 DeMark's
-
-
102.888
101.759
101.308
-
-