By FX Empire.com
The Light Sweet Crude markets gapped at the open during Asian trading as the tensions between the Iranians and the West continue. The tensions are escalating, and as a result we saw the markets surged and jump over the $105 level. This was a resistance level that we saw a crucial in this market, and as a result the CL contract looks as if it is going to run to the $115 level. At this point, as long as we stay above the $105 level, there is no reason to do anything but buy the dips in this contract. We cannot sell at this point in time.
Oil Forecast February 21, 2012, Technical Analysis
Originally posted here
