By FX Empire.com
Light Sweet Crude
CL fell on Monday, but managed a bit of a bounce at the end of the session. The $97.50 area has held as a support area for the time being, and it looks like the market really wants to try the $100 level soon. We see the candle for the day as a hammer, but if it gets broken to the downside – all bets are off as it becomes a “hanging man”, a very bearish sign. We think that buying at this point is simply chasing the trade.
Crude oil Forecast Nov. 15th, 2011, Technical Analysis
Brent
Brent markets fell on Monday along with many other commodities. However, the market did find support at the $110 level, and is showing signs of stabilization at that area. The market is decidedly bullish, but we have some headwinds in the form of resistance just above. We like buying the pullbacks in this market, and think that we will more than likely revisit $115 in the next session or two. We don’t’ sell at this point.
Oil Forecast Nov. 15th, 2011, Technical Analysis
Originally posted here
