Oil markets gained during the Monday session as the EU approved sanctions against Iranian imports. Of course, they are agreeing to do it in 6 months, (Sounds like the solutions to the debt crisis.) and as a result the bullishness is probably a bit muted. A lot can happen in 6 months, and you can be assured it will.

The $98 level was broken below, but we didn't get the daily close. Because of this, we aren't shorting yet, but certainly aren't quite so bullish either. In the end, it looks like we are stuck between $98 and $102 or so. We are bearish more than anything else, and are looking to sell a sub-$98 close.

Oil

Oil Forecast January 24, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
96.1000
97.0400
98.3800
99.3200
100.6600
101.6000
102.9400

 Fibonacci
97.0400
97.9110
98.4490
99.3200
100.1910
100.7290
101.6000

 Camarilla
99.0930
99.3020
99.5110
99.3200
99.9290
100.1380
100.3470

 Woodie's
-
97.1400
98.5800
99.4200
100.8600
101.7000
-

 DeMark's
-
-
101.1300
-
98.8500
-
-