Oil Technical Analysis October 31, 2011
Light Sweet Crude CL had a negative day on Friday, but the high from the shooting star on Tuesday is in sight. A breaking of that level, $95, should send the market back up to the $100 mark before it is all said and done. We like buying, but not
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Light Sweet Crude
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CL had a negative day on Friday, but the high from the shooting star on Tuesday is in sight. A breaking of that level, $95, should send the market back up to the $100 mark before it is all said and done. We like buying, but not until we close above $95, or on dips at this point.
Brent
The Brent markets fell on Friday as traders retreated from the $112.50 level. The market is finding that area massively resistive, and as such we aren’t buying in this area. However, we need to see the market fall a bit lower before we are ready to sell. The $107.50 level should be the support area that we are to watch. The breaking of that level on the daily close gets us selling.