Oil Forecast Nov. 17th, 2011, Technical Analysis

Light Sweet Crude

The CL contract broke out during the Wednesday session as traders continue to plow into the oil trade. The inventory drawdown number was better than expected, so this continues to press for the bullish case in this market. Even with the EU growth problems, it appears the oil markets are in full bull mode. The $100 level should now be support, and we are willing to buy pullbacks at this point.

Oil Forecast Nov. 17th, 2011, Technical Analysis Oil Forecast Nov. 17th, 2011, Technical Analysis

Oil Forecast Nov. 17th, 2011, Technical Analysis

Oil Forecast Nov. 17th, 2011, Technical Analysis

 

Crude Oil Forecast Nov. 17th, 2011, Technical Analysis

Brent

The Brent markets fell during the Wednesday session, and retested the $110 level as support. The market is presently consolidating just above this level, and the market looks like it is quite comfortable in this arrange. Because of this, and the fact that the CL has risen and broke out, we much prefer trading the CL over this contract.

Brent Forecast Nov. 17th, 2011, Technical Analysis

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