By FXEmpire.com - Commodities predictions; Technical analysis for Oil using graphs & indicators Wednesday - February 01, 2012.
Lets see the Oil forecast February 1, 2012.
The Light Sweet Crude markets rose for much of the session on Tuesday, but fell in the later hours to form a shooting star. The candle is formed on top of the $98 level, which has been very supportive lately. The level is one we have been watching, and the longer this market continues to hover around it, the more significant a breakdown would be at this point.
On a daily close below the $98 level, we are short of this market. It can find support in the $94 area, and the $90 below that. The upside isn’t possible until we see the market clear the $105 resistance area on a daily close.
[Originally Posted Here]