Light Sweet Crude
The CL market had a choppy day on Monday, as it was both positive and negative in the same session. The oil markets continue to grind as this market finished higher, but the velocity suggests that we are winding up for a bigger move in general. The shape of the Monday candle looks very much like a hammer, and suggests that we are going to try to break through the $90 mark. The breaking of that level is still what we are waiting for in order to buy the CL. The daily chart closing above that level is a massive buy signal in our eyes. It should be noted that the market is in an uptrend channel that saw its support line hold as support for the session.
Brent
The Brent markets fell, and then bounced during the Monday session as the market continues to see that every time the price falls, there are plenty of people willing to step in and buy. The breaking of the top of the hammer formed on Monday is a buy signal in our opinion. We will not sell yet, as we see this market as far too supportive. It should also be noted that the hammer is formed on large volume, which is a very bullish sign as well.
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