Light Sweet Crude had virtually unchanged in value by the end of the Wednesday session. The recent breakout above the $105 resistance level has kicked off the next leg up in this market, but it looks like a pullback could be coming to allow more buyers to step into the arena that may have originally missed the move.

The $115 mark is still where we believe this contract will go in the end, and as long as there are tensions in the Persian Gulf, this should remain so. The $104 level must hold as support in order for the bullish move to continue. However, in light of all things, we look at any potential pullback as a buying opportunity.

Oil

Oil Forecast February 23, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
103.020
103.830
104.870
105.680
106.720
107.530
108.570

 Fibonacci
103.830
104.537
104.973
105.680
106.387
106.823
107.530

 Camarilla
105.401
105.571
105.740
105.680
106.080
106.249
106.419

 Woodie's
-
103.888
104.985
105.738
106.835
107.588
-

 DeMark's
-
-
107.125
105.883
105.275
-
-