The Light Sweet Crude markets fell on Tuesday as the market continues to grind slightly lower overall. We have recently identified the $98 level as an area we want to see a close below in order to sell, and we still believe this is an excellent place to see selling come into the market. The overall tone of the market is deteriorating a bit, and this should facilitate this move in the near future. Until then, we can only wait for that close. We would consider buying, but only if we manage a daily close above the $105 level.

Oil

Oil Forecast January 25, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
96.1700
97.2100
98.1200
99.1600
100.0700
101.1100
102.0200

 Fibonacci
97.2100
97.9549
98.4151
99.1600
99.9049
100.3651
101.1100

 Camarilla
98.4938
98.6725
98.8512
99.1600
99.2087
99.3875
99.5662

 Woodie's
-
97.1775
98.0550
99.1275
100.0050
101.0775
-

 DeMark's
-
-
99.6150
-
97.6650
-
-