Light Sweet Crude continues to tread water in the $100 area, and the Thursday session saw very little movement during the day. The market closed down, but not overly so. The candle shape is a bit like a shooting star, and the area just above as been resistance, and should continue to be. The oil markets are currently waiting on resolution in Iran, and Europe for different reasons. However, in the mean time it looks like the market will continue to grind sideways until the situation in Iran finally plays out, or the Europeans finally get their collective act together. The $105 level above is massive resistance, and closing above that area will have us wildly bullish. A breakdown below $95 would be very bearish. We do however; think this is a very tight market that is probably better off being avoided for the next few sessions.

Oil

Oil Forecast January 20, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S1  S2  S3  Pivot  R1  R2  R3

 Classic
99.8367
98.8983
97.6967
101.0383
101.9767
103.1783
104.1167

 Fibonacci
100.2209
99.7158
98.8983
101.0383
101.8558
102.3609
103.1783

 Camarilla
100.5788
100.3827
100.1865
101.0383
100.9712
101.1673
101.3635

 Woodie's
99.7050
98.8325
-
100.9725
101.8450
103.1125
-

 DeMark's
101.5075
-
-
-
99.3675
-
-