The Light Sweet Crude markets rose again on Thursday as traders continue to weigh the issues in the Middle East. The market is almost certain to rise going forward, and we now are starting to see a bullish flag form. The 50 day EMA is also sloping up nicely, indicating a nice steady rise in price, and an uptrend that is far from being stretched. In other words, higher oil prices aren't exactly a stretch of the imagination.
With this in mind, we are long of this contract as soon as the flag gets broken to the upside or on dips as long as we can stay above $100 or the 50 day EMA. We won't sell at this point - the trend is far too obvious to us.
Oil Forecast March 9, 2012, Technical Analysis
Crude Oil Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3