The Light Sweet Crude markets fell a bit on Monday in a fairly quiet session. The market is now finding itself more likely to be on the low side of $100 rather than the upside from there. The range has been extremely tight lately, and it appears that the $98 level is holding the market up at this point. If we get a close below that on the daily, we would sell as the market appears weak overall. The buying of this contract isn't considered until we get a close above the $105 handle.

Oil

Oil Forecast January 31, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
97.4833
97.9517
98.6933
99.1617
99.9033
100.372
101.113

 Fibonacci
97.9517
98.4139
98.6994
99.1617
99.6239
99.9094
100.372

 Camarilla
99.1022
99.2132
99.3241
99.1617
99.5459
99.6568
99.7678

 Woodie's
-
98.0200
98.8300
99.2300
100.040
100.440
-

 DeMark's
-
-
100.138
99.2788
98.9275
-
-