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

Oil Forecast February 8, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
93.3400
94.5800
96.9800
98.2200
100.620
101.860
104.260

 Fibonacci
94.5800
95.9705
96.8295
98.2200
99.6105
100.470
101.860

 Camarilla
98.3790
98.7127
99.0463
98.2200
99.7137
100.047
100.381

 Woodie's
-
94.8700
97.5600
98.5100
101.200
102.150
-

 DeMark's
-
-
101.240
98.5300
97.6000
-
-