By FX Empire.com
Light Sweet Crude
The CL shot up during the week as traders piled into the oil markets in general. The USD had a rough bout over the last several sessions, and as such – commodities rose in general. The market now looks like $100 is a given, and it is there we will have the next real battle. The move is a bit overextended at the moment, and buying isn’t advised. A pullback however, now that would be a nice buying opportunity.
Brent
Brent rose during week as well, and is currently slamming into the top of a massive downward channel that has been influencing the market since April. It is at the $115 level that we think we will get our answer, and the $120 level seems to be the next resistive area. If we can get above $120 – 12 think this market skyrockets much, much higher. We are buying pullbacks and not selling yet. We need to see a real failure at the top of this channel in order to sell.
Originally posted here
