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

Oil Forecast March 9, 2012, Technical Analysis

Crude Oil Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
104.587
105.233
106.047
106.693
107.507
108.153
108.967

 Fibonacci
105.233
105.791
106.136
106.693
107.251
107.596
108.153

 Camarilla
106.459
106.592
106.726
106.693
106.994
107.128
107.262

 Woodie's
-
105.275
106.130
106.735
107.590
108.195
-

 DeMark's
-
-
107.100
106.490
105.640
-
-