By FXEmpire.com

The light sweet crude markets had an astonishing Friday as the market recorded a seven dollar gain. This is an astonishing move, equaling roughly 9% and shows that the $85 level will be under attack. This does look astonishingly strong, and it is closing at the very top of the day’s range. This of course suggests that further strengthen could be coming.

Once the $85 level gives way, this market looks fairly clear up to $90, and then of course $100. However, we have been burned by these European Union announcements before and it is very possible that we could get this again. There are a lot of details the still be flushed out, so it’s hard to believe that this will be more than a knee-jerk reaction. However, we have a look at the charts for what they are and this one does say it is a buy above the $86 level Erie it once we get below the recent lows, we would sell this market rather aggressively.

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Originally posted here