Light Sweet Crude
The CL fell again today, and is quickly approaching the $105 level. This level could serve as support, as buyers have stepped in at this level before. Although it won’t change the trend, a break below $105 would be very bearish in the short term. However, it should be considered that oil is in a massive bull market mode at the moment, and shorting still isn’t very wise. Look for support at $105, and $100 below.
Brent
Similar to the CL, Brent fell hard today as well. There are concerns that the markets may not be able to justify higher prices, as the consumer is going to start pulling back at these prices. Whether or not that holds true is up for debate, but what isn’t debatable is that we are starting a significant pullback. While shorting isn’t advised, going long isn’t either. A day or two of calm is what you will need to see in order to buy again. Look for support at $120 and $112.50 levels.
Originally posted here
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