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

Oil Forecast February 7, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
94.9700
95.6650
96.3100
97.0050
97.6500
98.3450
98.9900

 Fibonacci
95.6650
96.1769
96.4931
97.0050
97.5169
97.8331
98.3450

 Camarilla
96.5865
96.7093
96.8322
97.0050
97.0778
97.2007
97.3235

 Woodie's
-
95.6525
96.2850
96.9925
97.6250
98.3325
-

 DeMark's
-
-
97.3275
96.8438
95.9875
-
-