Light Sweet Crude (CL)
The CL contract finished the week on a bearish tone as it printed a shooting star on Friday. However, this should be kept in context of what is going on – a massive bull market in oil. The commodity looks like it needs a rest, and it will probably pull back for a few dollars. The real key to continue the bull run will be if we can stay above $95. Above that level and CL is still bullish.
Brent
Brent has been in a massive uptrend for ages now, and is finding these higher prices a bit difficult to maintain. It appears that we are in a consolidation phase, and are treading between $117.50 and $107.50. This should be the case for the short-term, but the market remains bullish in its bias. A break above the $108 range is a sign of continuation of buying. A break below the $107.50 level leads to $105. A break below that level would signal much, much lower prices would be in our future. Soource dailymarkets.com... For the latest updates PRESS CTR + D or visit Stock Market news Today
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