Light Sweet Crude
The CL market rose after the EU summit came up with another band aid for the markets on Friday. The “risk on” trade continues to be in vogue at the moment, and with that we saw a rise in most commodities. The recent range looks to still be intact, and because of this we think this market will rise, but struggle to get over the $100 mark as that is where the top starts. We like short-term scalps to the upside for the next day or two, and taking our profits quickly.
Oil Forecast Dec. 12th, 2011, Technical Analysis
Brent
Brent had an almost identical day on Friday as the markets are all correlated for the “risk on” trade now. The range is still intact, and we think that there is a little bit of upside momentum that will allow for scalps, but the upside is probably limited to the $112.50 mark. Once we get there, we would be willing to take profits.
Originally posted here
