By FXEmpire.com
The light sweet crude markets had a mildly bullish day on Monday the financial markets took a bit of a breather after a chaotic and volatile last week. The market still looks overly bearish, but this recent bounce could be another attempt at the $90 barrier. In reality, this market will more than likely be moved by headlines coming out of Iran and other situations in the Middle East.
We still see $90 as a significantly strong resistance barrier, as well as the $80 level as a strong support base. With this in mind, we feel that we are more than likely going to see a bit of a sideways grind for the short term. Because of this, we have a very neutral outlook on oil at the moment and see no reason to be involved.
However, if you are more inclined to be a very short-term trader you can perhaps find value selling at the $90 level, and buying at the 85 or even 80 level.
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Originally posted here
