By FXEmpire.com
The Light Sweet Crude markets continue to show little to no follow through when it comes to rallies. The $90 level below is massive support, and it is there that we feel the future direction of this market will be settled. Simply put, if there is to be a bullish tone at all in this market, this level needs to hold.
On a break of the $90, we are sellers. We will wait for a daily close below that level for confirmation. The buyers should be stepping into the market at that level in order to keep prices higher, and if they fail to do this would be a very bearish turn of events yet again. The shooting star for the Tuesday session has us suspicious of any rallies, and will continue to sell this market on rallies as they fade out.
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Originally posted here
