By FX Empire.com
Light Sweet Crude
The CL contract fell at first on Tuesday, but regained that loss and more a traders stepped into the market and offered support yet again in the Light Sweet Crude market. The $90 mark was breached at the end of the session, and the daily candle appears to be a hammer at the top of the range. A break of the top of the Tuesday candle is very bullish at this point, especially since it looks like we are breaking out of a ascending triangle.
Brent
The Brent markets fell on Tuesday as traders sold of the heavier crudes around the world. The area it sits in is at support, so we feel that with CL rising, this market should play a little catch up over the next few sessions. The $110 area has acted strongly in the past, so as far as we see – this could be a buying opportunity.
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