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 Forecast February 24, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3