Light Sweet Crude continued to rally during the Thursday session as the Iranian tensions continue to weigh upon the concerns of traders everywhere. The $105 level was a massive resistance area that we had to overcome in order to continue the bullish move. The level is nothing but a distant memory now, and the $104 seems to be a floor in this market if you will.

The $110 level will more than likely produce some kind of reaction, but the move is in, and the $115 level is the next significant sign of resistance at this point. The level could engineer a bit of a pullback, but quite frankly we see this as a buying opportunity. We only buy this market until we get to $115, and will use all dips to do so.

Oil

Oil Forecast February 24, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
103.177
104.333
106.437
107.593
109.697
110.853
112.957

 Fibonacci
104.333
105.579
106.348
107.593
108.839
109.608
110.853

 Camarilla
107.644
107.942
108.241
107.593
108.839
109.138
109.437

 Woodie's
-
104.570
106.910
107.830
110.170
111.090
-

 DeMark's
-
-
110.275
107.883
107.015
-
-