By CommoditiesMansion.com
Light Sweet Crude
The light sweet crude contract mildly bullish day today as investors increased their bets on tensions in the Middle East continuing. However, it should be noted that we have pullback from the highs of the day would coincide with the most recent resistance area. Because of this, it can be very difficult to initiate any new long positions over the next few days. More than likely, we will probably see a pullback before new buyers stepped in. A break above the $108 a barrel mark would see a continuation of the overall bullish trend.
Brent
Brent crude looks very similar to light sweet crude at the moment. The one minor difference is that the days bar wasn’t quite as bullish. But the same premise still holds, we need to see new highs in order to get excited about buying again. A break above the $118 a barrel mark is your signal for continued bullishness. There are various support levels between here and $105 a barrel, making this a very difficult contractor short at the moment. Wait until you get your signal, and then it’s a buy signal.
