Light Sweet Crude
The CL contract rose during the Thursday session, and continues to press against the $90 mark; an area that we suggest is a key to making a rally appear in this market. We don’t sell this market as the pressure seems to be building slowly, which is always a good sign as opposed to a sudden pop. This suggests that there is real demand building, and we are very interested in buying the market on a daily close over the $90 mark.
Brent
Brent shot straight up on Thursday as the hammer we pointed out on Wednesday triggered buying at the $107.50 level. This level continues to hold this market firm, and we feel that there is a better chance of seeing $120 before too long at this point. The market is choppy, and you would be far better off if you are already in the trade. (ala yesterday’s video) If you are not in the trade, looking for small pullbacks might be the way to go forward.
FXEmpire.com:
FX Empire is firmly dedicated to strengthening our readers’ knowledge of the minute-to-minute happenings in the Forex market. Delivering daily and weekly technical analyses, fundamental analyses and news, alongside our expert broker reviews, our readers are always in the know.
Check out the latest Brokers Reviews by FX Empire: ForexYard Reviews, FX Primus Reviews, FX Solutions Reviews.
