Light Sweet Crude
The CL has broken above the $108 resistance area, and formed a bullish looking hammer right at that mark. Because of this, it looks as if the area might be setting up to become another floor of support in the market. Based upon measuring the consolidation area, this could see a target of $118-$120 a barrel. Shorting this market is unwise.
Brent
The Brent contract behaved in an even clearer manner as it finally broke above the $118 area, and finished the day with an extremely bullish bar, closing near the highs. The measured more based upon consolidation shows a target of $128-$130, depending on how you measure it. Shorting is impossible.
Originally posted here
