Light Sweet Crude
The CL contract fell on Monday, but found massive support at $80. The level has produced an impressive bounce, and it looks like the floor is currently being set by some. The candle formed was even a hammer. The overall global outlook for economic growth is poor, but the crude markets seem to be stubbornly staying in a range between $80 and $90. A break of the Monday highs would have us buying for a $5 gain or so.
Brent
Brent markets had a very similar day as the CL. It also formed a hammer, and it looks like the $100 – $105 level is going to at least produce a bounce at this point. We would buy for a short-term trade on the upside if the Monday highs get broken. We will see if we can close below the $100 level.
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