By FXEmpire.com
The Light Sweet Crude markets had little enthusiasm for either direction on Monday as the market continues to stay just under the all-important $80 level. The area is the site of recent massive support, and as such should now act a bit resistive. However, we haven’t seen the large red candle to signal further downward pressure, so it is this that we will use when it happens in order to form a sell signal. We see the $85 level above as being very resistant as well, and because of this we would be willing to sell on signs of weakness in that region as well. We simply cannot buy at this point in time, as there is such a lack of demand.
Click here a current Crude Oil Chart.
Originally posted here
