By FXEmpire.com
The Light Sweet Crude markets continued to grind sideways in the $84 level. The hammer from Friday suggests that we are trying to find a support area from which to bounce at the moment, and the recent action has been somewhat supportive looking. The market is oversold, so any bounce wouldn’t be a surprise really, but the $90 above looks very resistive, and could provide a selling opportunity. It is this potential bounce that we are looking towards for some kind of signal to sell this market. A resistive candle below or near the $90 mark has us selling again. A daily close below the $80 level has us selling hand over fist.
Click here a current Crude Oil Chart.
Originally posted here
