The Light Sweet Crude markets rose very slightly by the end of the session on Monday to form a hammer just above the $105 level. The market is still bullish as the $105 level still holds firm as support. The Iranian situation will continue to push prices around, and we think that this market is in a buy only mode. This is especially true as long as we are above the $100 level. The $110 level above should continue to act as a resistive barrier, and the market will have to fight rather hard to get through. However, the $115 level is still our target, and we are willing to buy on a break of the Monday highs.

Oil

Oil Forecast March 6, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
103.833
104.662
105.743
106.572
107.653
108.482
109.563

 Fibonacci
104.662
105.391
105.842
106.572
107.301
107.752
108.482

 Camarilla
106.300
106.475
106.650
106.572
107.000
107.175
107.350

 Woodie's
-
104.725
105.870
106.635
107.780
108.545
-

 DeMark's
-
-
107.113
106.301
105.203
-
-