Light Sweet Crude
The CL contract fell on Wednesday, and on large volume as the Fed announced it was keeping the rates low, and that the economy remained having a weak outlook. This sent fear through the markets as traders sold off most risky assets. The lack of demand now becomes a question in this market, and the triangle we have been tracking has broken down. The market look like it is rolling over, but we are not confident to sell at this point as the uptrend has fought so hard to survive lately. We are willing to see if we get some kind of supportive candle closer to $80 in which to buy. If we get a close on the daily chart below $80 – we are aggressive sellers.
Brent
The Brent markets had originally rose on strong volume as the markets bounced during the session. The market then sold off as the Fed announced a weak outlook for the economy going forward. Because of this, we are now watching the $107.50 level for a breakdown, not a bounce. However, we are not selling – rather looking for support at $105 and $100. If we break $100 – the market will have changed significantly enough for us to be sellers.
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