Light Sweet Crude
The CL contract has a back and forth week over the last 5 sessions as traders bounced around the $95 to $100 levels. The markets looks like it is trying to find momentum to rise, but the $100 mark has been far too strong for it to break through. The $100 mark has to be broken solidly before we are willing to buy on a longer-term basis. The downside looks fairly limited to $90 as it has been strong support. We look for range bound conditions to continue going forward in this market.
Oil Forecast for the Week of Dec. 12th, 2011, Technical Analysis
Brent
Brent markets fell over the previous week, but saw a bid on Friday as traders are looking to keep this market within its recent range. The market still looks fairly stagnant, and with the holidays coming, there is a real chance that we won’t see a breakout to either direction anytime soon. Because of this, we are in a scalper’s market and will more than likely see sideways markets over the next few weeks.
Originally posted here
