By FX Empire.com
Light Sweet Crude
The CL market fell on Monday, but bounced higher in the later hours to form a hammer at the $97.50 area. The market has been bullish as of late, and it looks like the bulls are starting to step back into the market now. The $95 level was the bottom of the candle, and should continue to be very supportive going forward. With a break of the top of the Monday hammer, this market should go to $102 – $105 again. We don’t sell this market as it is so strong lately.
Oil Forecast Nov. 22nd, 2011, Technical Analysis
Brent
Brent had a very similar day to the Light Sweet Crude market as it touched the $105 level, only to bounce back to form a hammer. The market looks like it is finding massive support at this level, and a move above the daily high for Monday should send this market higher, possibly to the $112.50 area in the short-term. We do not sell until this market gets below the $100 mark.
Originally posted here
