Light Sweet Crude
The CL contract pulled back during the Monday session, but managed a slight rally at the dying hours of trading. The market had massive volume during the day, and the resulting hammer looks very supportive as the oil markets have remained amazingly buoyant. Because of this, we like buying the CL contract when it dips. A break of $90 is still our longer-term signal though.
Brent
Brent markets fared far worse during the session, and even closed at the lows of the session basically. The $107.50 area looks supportive, and prices did in fact stop at that level. Because of the overall buoyancy in oil markets around the world, we feel that this area could hold for support. A small position to the long side could be the play for the next day or two. Until we break above $115 though, we feel that gains will more than likely be capped a bit. We don’t sell at all.
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