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
The Finance Mansion Network operates global financial websites including www.CommoditiesMansion.com. Our goal is to provide our readers with the most quality, accurate and up-to-date technical analysis, fundamental analysis and news in order to assist them in making the right financial decisions.
The Finance Mansion Network includes www.FinanceMansion.com,www.ForexMansion.com,www.StocksMansion.com, www.CommoditiesMansion.com and many more.