The Light Sweet Crude markets did very little during the session on Wednesday in order to continue the recent spate of consolidation in this market. The action was very lackluster, and it appears that the market is willing to settle into this area for the time being. The $80 level below still looks as if it is strong support to us, and as a result we aren’t willing to sell at this point. In fact, a break below the $80 level will have us selling aggressively if the market can close below the mark. As far as buying this market, we need to see the $90 level broken to the upside with a daily close to confirm. We feel that this market should continue to fall though, as the price action is so weak lately.
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Originally posted here