Friday, October 3, 2008

Oil - Light Sweet Crude

Below is a chart of Light Sweet Crude with the opening range level marked with red lines. The blue lines are the range extensions off of this opening range. With a creative eye, you can see how these levels act as support and resistance targets.

Currently we need to get back above the $100 level, and pass a test of this level, to have a strong push into the year end. The inverse could happen if we get below the $95 level with any steam. It is important to watch the strength of the U.S. Dollar to an idea of possible direction over the next few months.

Light Sweet Crude(click to enlarge)

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