The Light Sweet Crude markets fell again for the session on Thursday as the economic picture is finally weighing on the minds of traders. The lack of demand has been all but ignored recently, and as a result the market is far overbought. The $98 mark was one that we mentioned as a trigger to sell, and as you see it has worked out so far.

$94 looks to be support, and the $95 level offered some as well during the session. With the Non-Farm Payroll number coming out in America today, this could be a mover as well. Higher job numbers could be bullish for oil, but a weaker than expected one will continue to push oil lower. We are selling rallies at this point.

Oil

Oil Forecast February 3, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
92.6967
94.0633
95.1367
96.5033
97.5767
98.9433
100.017

 Fibonacci
94.0633
94.9954
95.5713
96.5033
97.4354
98.0113
98.9433

 Camarilla
95.5390
95.7627
95.9863
96.5033
96.4337
96.6573
96.8810

 Woodie's
-
93.9900
94.9900
96.4300
97.4300
98.8700
-

 DeMark's
-
-
97.0400
96.2350
94.6000
-
-