Light Sweet Crude
The CL moved up today, breaking away from our sideways bias over the last couple of days. The $127 area is currently being tested, and one has to think that it will eventually give way to the bulls. The move also came with decent volume, showing signs of real conviction as well as the obvious technical pattern.
Brent
Brent reacted in a very similar manner as its cousin today, pushing towards the recent highs. The market moved on decent volume as well, and this will give bulls even more confidence as the direction of the commodity is clear again. The recent sideways action seemed to be waiting for the US Federal Reserve news conference that showed how little the central bank cares about the US dollar.
Originally posted here
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