By FX Empire.com
Light Sweet Crude
CL exploded to the upside on Thursday as euphoria overcame the market in response to the EU bailout agreement. As the US dollar got sold off, commodities gained overall during the session. The highs from the Tuesday session need to be broken in order for us to get massively bullish, and we see that shooting star as the next hurdle that has to get broken in order to buy. We think that the market will more than likely climb – but until it gets over that level – we will wait. $100 is massive resistance, and it seems that the market might settle in a range below it, perhaps from $90 to $100.
Brent
Brent markets acted in a very similar manner on Thursday as they shot straight up as well. The $112.50 level is keeping a cap on the action, and the level is the start of massive resistance all the way up to $120. Until the $120 level is broken above, we can’t buy Brent, even though it looks strong at this point. Selling isn’t possible until we get below $107.50 or so on a daily close.
Complete your technical analysis with Live Forex Charts now.
