By CommoditiesMansion.com
Light Sweet Crude
The CL saw very little in terms of a range today, as traders decided that nothing was moving the market. The CL still looks bullish, but is struggling at these lofty levels. A break above $108 a barrel is needed to get bullish again. The more likely scenario is the pullback, which should find support at $102.50, $100, and $97.50 as well. Any strength at these areas would be a good buy signal.
Brent
The Brent contract was very similar to the CL today in the fact that it doesn’t seem to want to go anywhere today. The trend is certainly still up, and we are set to touch that trend line in a few weeks. In the meantime, we might find consolidation the order, and it could find $112.50, $107.50, and $105 as supportive, and a buy signal there might be interesting. Until we break above the $118-$119 mark, there will be no new buying in this market.
