Oil Technical Analysis For July 4, 2011

By CommoditiesMansion.com


Light Sweet Crude

The CL contract had a bearish tone on Friday, only to bounce back in the late hours of trading. The market still looks supported here, and a solid close above the $95 mark might be eminent. If that happens, we feel a larger move northward could be in the near future. We don’t sell this contract, and simply either buy pullbacks, or a close above the $95 price.


The Brent market had a very similar day to the CL contract. The $112.50 area looks like it is the resistance we are working on at the moment, and if it gives way – we will go higher. We only buy, not sell.

Originally posted here

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