Light Sweet Crude
The CL broke out this week, easily clearing the $110 mark and now appears to have its sights set on a move to $120 or higher. There is a floor at $110 and this market can only be bought at this point in time. Buying on the dips is preferred, as opportunities could present themselves at the $110 mark for the patient trader.
Brent
Brent had an almost identical week as it settled above the $126 level. This means that $120 area should now be supportive, and buying on the pullbacks should be the correct strategy. Selling is simply not possible at the moment in this market.
Originally posted here
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