The Light Sweet Crude contract fell for most of the session on Wednesday, but got a nice bounce as the Federal Reserve announced that interest rates were on hold until late 2014 at least. This should continue to put pressure on the US dollar, and as a result it will give a life to commodities. However, there will also come the question of whether or not they saw something that was much worse than originally thought, and because of this - we are still holding firm with our assessment that the $105 level needs to be broken on a daily close in order to buy. A daily close below $98 sends this market much lower, and has us selling. Until then, the oil markets will more than likely be very volatile.

Oil

Oil Forecast January 26, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
95.4333
96.5217
98.1733
99.2617
100.9133
102.0017
103.6533

 Fibonacci
96.5217
97.5683
98.2150
99.2617
100.3083
100.9550
102.0017

 Camarilla
99.0715
99.3227
99.5738
99.2617
100.0762
100.3273
100.5785

 Woodie's
-
96.6625
98.4550
99.4025
101.1950
102.1425
-

 DeMark's
-
-
101.4575
99.5337
98.7175
-
-