Light Sweet Crude
The CL contract pulled back on Thursday, but only slightly so as the $90 resistance level came into play. The market has had a bullish bias over the last few weeks, and we feel as long as it stays above the $80 mark – we should only buy. The pullback on Thursday wasn’t really significant enough to buy into, so we will wait for lower levels. If not, a daily close above $90 is good enough for us to buy as well.
Brent
The Brent markets fell on Thursday as the $115 area held firmly as resistance. The market has been rising over the last few weeks, and every time it has pulled back – there has been an opportunity to buy. The $112.50 area is support, and of course the $110 area is as well. If we can get some supportive action like a hammer on the smaller times frames – we would be buyers of this market. We won’t sell, as the move has been significant. If it falls, we simply wait for that support candle at lower levels.
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