By CommoditiesMansion.com
Light Sweet Crude
The CL trend is certainly up, and can rely on support at $97.50 a barrel. It also has massive resistance at the $107.50 area. Because of this, we could see a consolidation area for the mean time. Remember, it was just last year when we saw oil sit between $80 and $90 a barrel for a very long time. If we can get over the $108 level, the move measures to $118 and beyond. Any pullback to $97.50 would bring in value investors as well.
Brent
The Brent market is certainly in a large uptrend as indicated by the trend line. We could even be trying to form an ascending triangle at the top now. The resistance seems heavy at $ 117.50, and a break of that could see another $10 a barrel fairly quick. The $112.50 area should be support, and after that the $107.50 and $105 levels as well. If we can get below $105 a barrel, the market looks very bearish from there.
