The Light Sweet Crude oil markets fell a bit on Monday as the general feeling of heaviness in this market continues. The demand is simply not there, and if it weren't for the drama in Iran, one has to wonder if the price wouldn't be as low as $80 a barrel. The candle is a bit hammer-ish, but not convincingly so. Because of this, we are still selling rallies in this pair, and aren't looking for buy signals at the moment. The breaking of the Thursday low would signal the next leg down, which is what we are looking for to start selling again. We aren't buying until a daily close above $105 happens.
Oil Forecast February 7, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3