The Light Sweet Crude markets rose a bit during the session on Wednesday as the support area just below current level continues to hold this market up. The Iranians and Saudis are jawboning back and forth about the supply of oil, and this of course will move the markets around.

The recent flag still holds in our opinion, and as a result we still look for the $122 level to be reached sooner or later. The move up will more than likely be choppy as we could pause at $110, $112, and $115 as well. We are comfortable buying here, but we know the road ahead won't be a straight line up.

Oil

Oil Forecast March 22, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
104.207
105.133
105.807
106.733
107.407
108.333
109.007

 Fibonacci
105.133
105.745
106.122
106.733
107.345
107.722
108.333

 Camarilla
106.040
106.187
106.333
106.733
106.627
106.773
106.920

 Woodie's
-
105.070
105.680
106.670
107.280
108.270
-

 DeMark's
-
-
107.070
106.565
105.470
-
-