The Light Sweet Crude markets rose again on Wednesday as the market bounced off of the now well-known $104 to $105 support level. With this recent action, it appears that we may see continued consolidation between the $104 and $110 levels. The recent action has us believing that the overall uptrend is still intact, but currently taking a pause to reload. The market is a buy only one, and we are willing to get involved now, knowing that in order to make real progress, we need to see the $110 level overtaken on a daily close. Selling isn't an option to us at this point.

Oil

Oil Forecast March 8, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
102.797
103.563
105.017
105.783
107.237
108.003
109.457

 Fibonacci
103.563
104.411
104.935
105.783
106.631
107.155
108.003

 Camarilla
105.860
106.063
106.267
105.783
106.674
106.877
107.081

 Woodie's
-
103.735
105.360
105.955
107.580
108.175
-

 DeMark's
-
-
107.620
105.975
105.400
-
-