By CommoditiesMansion.com
Light Sweet Crude
The CL had a bullish day today, rising about $2 a barrel. I t should be noted that it is getting near the $105-$107.50 resistance area, and any furt5her upside will be choppy until we break that $107.50 area. A daily close above this is a hugely bullish sign, especially since the bias is certainly to the upside in this market at the moment. A break of Friday’s doji to the upside confirms this. You cannot be selling at least until we close on a daily chart below $100.
Brent
Brent is quickly approaching the highs it set a few weeks ago. Expect a struggle, but this contract is still well above its trend line, and as such has to be bought, and not sold under all circumstances. Until that trend line gives way – no selling. A break above the $117.50 resistance area signals new bullishness by traders in this market.
