Crude Oil On the Move

In 2012 Crude oil has been a shorter term traders best friend. The strength in the market has kept it interesting for traders, and I do not see it lightening up for the remainder of 2012. Over the last few weeks we have seen crude bounce with the low at around 77, and pressing higher into the upper 80’s prior to breaking in to the 90’s over the past few days. The pressure coming from the middle eastern uprising has kept the edge on crude. Syria alone has been a strong reason why crude held the higher end of the 80’s, and the Israeli bus bombing carried crude back into the 90s. Just this morning news broke out of France stating that the Russian envy in France said president assaid was getting ready to step down and join his wife in Russia. That should help the crude lower going into the remaining part of the day, and early next week. The only thing you need to watch out for is if ISRAEL ATTACKS the group that mounted the recent attacks in Bulgaria. I could see that happening over the weekend. As crazy as it sounds, I still like the crude on the short side, and have sold it this morning. If you are able to sell into the crude above $90 then hopefully you will have a great trade by mid next week. My risk level is at 93.25 on the short from 91.90, and I am looking for a profit target at $85 by next week.