The Light Sweet Crude market rose for the Tuesday session as rumors of a Greek agreement hit the markets. This wasn't so much a pro-oil play, rather an anti-Dollar one. However, at the close there was no agreement, and this could be another fake out.
The $100 level still looms above, and could very well be resistant. The demand picture will not have been changed by any agreement in Athens, so this rally will more than likely offer a selling opportunity. The market is still looking a bit on the heavy side, and there is also a possibility of a downward channel forming now. Because of this, we sell weakness as it comes by selling rallies that produce fading candles.
Oil Forecast February 8, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3