Light Sweet Crude
CL had a back and forth session on Thursday as traders reacted to the European situation in the same manner. The surprise cut in rate by the ECB certainly played into the move, as the Euro first dove in value, and then rose later in the session as Greece looks like it won’t have a referendum.
On the technical side, the hammer printed for the day looks bullish, and it seems that the market is ready to take on the $95 level. The breaking of this level will certainly lead to the $100 mark before it is all said and done. Selling will be difficult as the momentum is clearly on the upside at this point. We like buying dips, and we like buying above $95 if we can close there.
Brent
Brent markets rose on Thursday as the above mentioned scenario played out. The market looks content to consolidate in this area, so as such- we are willing to sit it out as the range is a bit tight at this point. We need to see a breaking of the Wednesday lows in order to sell and a breaking of the $115 level in order to buy. Any trades in this market will be scalps.
