Light Sweet Crude
CL found a little bit of trouble today, as the $108 level continues to effect the trading of this contract. Although the $108 level gave way yesterday, a pullback has happened today, suggesting further buyers are needed to push prices higher. Selling this contract is not advised, as this looks more of a corrective nature than a real move down. A break of $108 again sends us to $110 and beyond.
Brent
Brent is forming a shooting star today, but this isn’t necessarily worrisome to bullish traders as it looks to be a pullback in the making. Classic technical analysis dictates that we will probably see a retest of the $118 area to make sure it will hold as support. This area should hold, and when it does – it should provide a buying opportunity. Shorting is not advised at all.
Originally posted here
