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 Forecast February 3, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3