By FX Empire.com
Light Sweet Crude
The CL contract shot straight up, and even gained as much as 5% on Wednesday as inventory numbers showed a much more significant drawdown than expected. The market still remains under the $80 mark, and it should continue to be resistive. Although this was very bullish news for the oil markets, the truth is that the world looks very recession-prone at this point. With this in mind, we still like selling the oil markets, perhaps on a resistive shooting star or larger red candle near the $80 mark.
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