Light Sweet Crude
The light sweet crude contract continued to push northward today, as we have cleared the $1.09 level, and are currently at the $110 handle. Because of this, it appears that we have formed a base in which to launch further upward.
Any movement downward in this market should be considered a buying opportunity as it will simply be a pullback and not a trend change at this juncture. Selling the CL contract continues to be self-destructive at best. The sheer bullishness of today’s candle suggests further upside.
Brent
The Brent markets printed a hammer, one of the most bullish candlestick patterns around. This suggests that $120 or so will be a base for this commodity to go higher. The market is certainly bullish, and shouldn’t be shorted at this point. Buying on the pullbacks is the better alternative.
Originally posted here
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