By FXEmpire.com
The light sweet crude oil markets fell for most of the week, only to turn around and find support in the end. The weekly candle is a hammer, and this is the second one in a row which of course suggests that we have a fair amount of underlying strength in this latest move higher.
The fact that both of those hammers have formed has us thinking that a breakout to the upside could be coming. We see the $95 level as resistive, and think that the markets will more than likely struggle to get above it right away. However, it does look like we are destined to try and reach the $100 a barrel level. On a break of the highs from two weeks ago, we are willing to go along for about eight dollars. As for selling, we need to get below the $85 handle to start doing that again.
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Originally posted here
