By FXEmpire.com
The Light Sweet Crude markets fell hard on Monday in reaction to the European elections, and the resulting “risk off” trade that was prevalent for most of the session. However, the later hours saw a bounce in the market from the $95 level, and the resulting hammer is placed perfectly for our liking.
We have been talking about the $95 support level as an important one in the long term health of oil prices, and because of this, we haven’t been willing to sell this market until we got a daily close below that level. With the hammer that has formed, we are willing to buy this market on a break above the highs. This would more than likely lead to a price of $102 as that looks to be the next resistance area. If we get a daily close sub-$95, we are selling.
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Originally posted here
