Light Sweet Crude
CL had a positive week, but the market still remains in a range bound phase between $90 and $95. The $95 area seems to be massive resistance, but the fact that the Friday candle was a hammer sitting just under it suggests that perhaps the level is about to get a serious challenge. We like buying, but only after a close above that level.
Brent
Brent had a strong day week over the last 5 sessions, but still hasn’t managed to break out of its range either. Because of this, we think that the next couple of trading session could be big for this market. If we can close above the $112.50 level, it would signal another round of buying is on the way. However, the level has been very resistive so far, so waiting is vital. A trip back to the bottom of the ranges in the area of $105 is also possible, but will more than likely only attract more buyers.
