Light Sweet Crude
The CL contract rose again on Friday after the Non-Farm Payroll numbers showed that jobs are being added at a faster than expected clip in the US. The optimism overtook the oil markets, and the price rose to retest the $85 level, only to settle a bit lower than that for the day. The resulting candle is a doji, so we are presented with an easy trade set up: buy on a break to the top of the Friday range, or sell on the breaking of the bottom of the Friday range. We see the overall direction of this market as biased to the downside, so we certainly prefer selling at this point.
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