By FX Empire.com
Light Sweet Crude
The CL contract had reversal week in the markets and suggests that the commodity could be pulling back from these levels. The shooting star that was formed shows that the market could rapidly move back to $95, $90, and possibly lower. With the recent upward move, there simply has been no rest for the bulls, and we think they are about to get it. A break of the lows form the week has us selling.
Brent
Brent markets ground lower for the week, and continue to respect a larger downward channel. The market looks vulnerable at this point, and we prefer selling because of that channel. At this point, we would be willing to sell a break of the Friday lows to aim for the lower part of the channel.
Originally posted here
