By CommoditiesMansion.com
Light Sweet Crude
The CL contract has had a nice turn around today, finding support at our previously mentioned $102.50 level. The momentum is certainly still to the upside, as this chart shows. Any new positions will have to contend with the $107.50 level, a major resistance area. A break down below $102.50 would reach for support at $100 a barrel.
Brent
Brent has found strong supportive buying today, forming a hammer at the previous area of consolidation. Because of this, the commodity is showing that most of the risk is to the upside, and selling will be difficult. Still, we need to see a $118 print to get overly bullish on new positions.
Originally posted here
