By FXEmpire.com
The Light Sweet crude markets had another tight session on Monday as the markets continue to try and figure out the economic growth prospects around the world. This fundamental question will determine whether or not the demand can justify these higher prices currently. So far, it has.
The area that we find ourselves in at the moment is a massive consolidation area, and the range has been tight. With the daily candle for the session forming a hammer, we suggest that the next move is higher – but only slightly so. The $105 to $106 levels look resistive, and it is fairly close so we are still fairly neutral in this market, but understand the upside is probably the easiest path for it. We would buy a breakout above the $106 level. Selling isn’t a thought until we are sub-$95.
Click here a current Crude Oil Chart.
Originally posted here
