By FX Empire.com
Light Sweet Crude
The CL contract broke out on Monday, and Tuesday saw the continuation of the bullish run in this market. With the $95 level now below us, the $100 level almost certainly looks to be retested again. The area above does hold a lot of consolidation from before, so we think the move up will more than likely be a grind, but the action is positive, and there is nothing to suggest that we will see serious selling.
Brent
Brent popped above the $115 level, only to fall back in the Tuesday session to form a shooting star. This candle look very bearish, and is where you would want to see it if you were bearish. A break below the lows on Tuesday would be a sell signal, and could be used to enter short, but we feel that any fall will only be short-term, and as such will more than likely be a short-term trade at best. The breaking of the top of the shooting star would be massively bullish.
Originally posted here
