By FX Empire.com
Light Sweet Crude
The CL contract broke out during the Monday session as the $95 level has given way. The next stop for this market looks to be $100, and that should be a massive resistance area. The uncertainty in the markets has people buying commodities for the session as the US could possibly enter QE3. (At least that is the rumor of the day.) None the less, this market has broken out, and we would be buyers.
Brent
The Brent markets skyrocketed on Monday as traders piled into the oil trade. The $112.50 level has given way, and in fact – the market even made it to the next major resistance area, the $115 level. If it can break this area, $120 is next. The market could pullback after this strong move, and would only be presenting a buying opportunity as the trend is starting to pick up steam to the upside again.
Originally posted here
