Light Sweet Crude
CL closed with a slightly green candle today. More importantly, it formed a bullish hammer just above the all-important $105 level, an area we said yesterday that might prove to be supportive. A break of today’s high signals more buying to be done in this market. A break of the bottom of the hammer is bearish, and has us testing the $100 mark.
Brent
Brent had a bullish day today, bouncing hard from the $120 mark, which is the first major support we pointed out yesterday. Because of this, it looks like the market wants to rise from here. Certainly shorting isn’t possible, as this market is in full bull mode.
Originally posted here
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