Light Sweet Crude
CL fell on Wednesday, but remains contained in an ascending triangle just under the $90 mark. The market looks very bullish, and this move looks like it is almost a given at this point. The breaking of $90 would have us running towards the $100 mark. The bearish case cannot be made at this point, but the markets can always go against the grain. Because of this, we are buying a daily close above the $90 mark, but not until we get the candle filled.
Brent
The Brent market fell on Wednesday, but bounced off of the $107.50 level to form a hammer for the day. The market looks like it is very supportive at this level, and a break of the Wednesday highs would have us buying at this point. A break below the Wednesday lows gets us bearish, but would be quick to take profits on the short side if we entered into a sell position.
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