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Light Sweet Crude
The CL is finding support at the $105 level, an area that has been supportive before. The trend still looks strong, and with tensions rising again in the Middle East, it appears that this market only wants to go upward. If we get a solid surge north from the current levels, this could be a sign of even higher prices, maybe as much as $120 a barrel. Selling isn’t possible at this moment in time as there are too many support levels below.
Brent
The Brent market looks extremely bullish as it has pushed higher and higher over the last couple of years. The $120 level looks firm, and the market should find support from there. A break below wouldn’t necessarily be a sell signal either – the $117.50 and $115 areas will cause sellers far too many issues as well.
Originally posted here
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