The Light Sweet Crude markets gapped at the open during Asian trading as the tensions between the Iranians and the West continue. The tensions are escalating, and as a result we saw the markets surged and jump over the $105 level. This was a resistance level that we saw a crucial in this market, and as a result the CL contract looks as if it is going to run to the $115 level. At this point, as long as we stay above the $105 level, there is no reason to do anything but buy the dips in this contract. We cannot sell at this point in time.

Oil

Oil Forecast February 21, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
103.597
104.188
104.647
105.238
105.697
106.288
106.747

 Fibonacci
104.188
104.589
104.837
105.238
105.639
105.887
106.288

 Camarilla
104.816
104.913
105.009
105.238
105.201
105.298
105.394

 Woodie's
-
104.155
104.580
105.205
105.630
106.255
-

 DeMark's
-
-
105.993
105.386
104.943
-
-