Crude Oil Forecast August 29, 2014, Technical Analysis » Fx Empire …
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Light Sweet Crude
The light sweet crude markets rose during the course of the day on Thursday, as Russian troops were spotted in Eastern Ukraine. This cause a little bit of a scare in the marketplace, but at the end of the day we still have plenty of oil out there and as a result traders didn’t react as significantly as one would upside. We still see resistance just above, most notably of the $95.00 level, as well as the $96.00 level. With that, were actually waiting to see some type of resistant candle in order to start selling again.
All things being equal, this is one of the least liquid at times of the year, so we aren’t expecting big moves either way. With that being the case, we will continue to look for short-term selling opportunities on resistive candles, but at this moment in time don’t see that.
Brent
The Brent market went higher during the course of the day on Thursday, but despite pressure from geopolitical headlines, the $103.00 level offered enough resistance to form a shooting star. The market looks like it’s essentially trying to break out above the $103.00 level, but that area has been massively resistive. With that, we feel that the market continues to go sideways for the time being, especially if Russian troops entering the Ukraine couldn’t push oil markets higher, you then have to ask whether or not anything can?
That being the case, we will sell rallies on short-term charts as they appear, looking for quick “smash and grab” type of gains, probably in the binary options markets. Futures contracts be quite a bit of volatility for most people to handle, not to mention the fact that the expensive and as of them tend to Linda them to be instruments for trading the trend, not some type of quick move. Alternately, if you have the ability to trade the Brent market via the CFD markets, you could use that as well, but at this point in time we feel that the consolidation continues, so protect your account.
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Crude Oil Forecast August 29, 2014, Technical Analysis » Fx Empire …
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