Light Sweet Crude
The CL contract rose a bit during the Thursday session, bouncing from the $80 support level, but it should be noted that the volume is starting to falter a bit. Also, the bounce wasn’t as high as the bounce from a few short days ago. Because of this, we think that the downward pressure is going to continue, and aren’t comfortable buying at this point. We can’t sell though – at least not until the $80 level is cleared on a daily close.
 
Brent
Brent markets had a positive day during Thursday, but the day ended up falling from the highs. The candle is still well below the recent highs, and looks like more of a “dead cat bounce†than anything else. We are not willing to buy Brent at this point, but would like to sell if the $100 level ever actually gives way.
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