By FXEmpire.com
The Light Sweet Crude markets fell much of the session on Monday, but found a bit of a bounce late in the session to form a hammer. The bottom of the hammer bounced from the $102 level, a spot where we have seen a bit of support lately. The market looks like there are plenty of buyers willing to come aboard as we get closer to the $100 level, and as a result we are hesitant to sell this market until we get well clear of $100 – and in fact would wait for a sub-$95 daily close.
The market looks as if the $102 to $105 levels will be the consolidation area that the market bounces around in for the time being. The market will more than likely be tight until we can close above the $105 level – of which we would have to get aggressively bullish. The breaking of the $102 level only leads to further support levels below. With this in mind, buying dips continues to be the way to play this market to aim for short-term gains.
Click here a current Crude Oil Chart.
Originally posted here
