Light Sweet Crude
The CL contract fell hard on Thursday, and parked just above the all-important $80 level. Because of this, we fell that this market is at an important inflection point now. We would be interested in buying if the right candle appeared, but it hasn’t. In fact the close was deep in the red, and the volume spiked on Thursday. Because of this – we feel that the area may give way soon. The trade is simple: If we close on a daily candle below the $80 level, the market should fall apart at that point, with the $75 level being the first stop. If the area holds, we could see this market rise back to $85, but we will be waiting for a daily close to make any decisions as this market looks more and more dangerous.
Brent
Brent fell extremely hard on Thursday as the $107.50 gave way. We pointed this area out yesterday, and said that it looked like it wanted to give way. Now that it has, we are watching the $105.00 mark for signs of future direction. The market is probably one you will want to be watching at the end of the day, not necessarily one you want to be involved with on Friday. It must be said however, that this market looks very, very weak a this point, but we are at least $5 above where we would feel comfortable selling.
FXEmpire.com:
FX Empire is firmly dedicated to strengthening our readers’ knowledge of the minute-to-minute happenings in the Forex market. Delivering daily and weekly technical analyses, fundamental analyses and news, alongside our expert broker reviews, our readers are always in the know.
Check out the latest Brokers Reviews by FX Empire: Forex Club Review, ForexYard Review, FX Primus Review.
