Oil Forecast Nov. 23rd, 2011, Technical Analysis

Light Sweet Crude

The CL contract rose during the session on Tuesday, but only slightly so. The bullish trend is still intact, and if you were playing the hammer from the Monday session, you are already long of this market. The $100 area above will more than likely be resistive. The trend is still up, but a weaker than expected GDP report out of America could possibly pressure price. However, as long as we are above $95, this is a “buy on the dips” market.

Oil Forecast Nov. 23rd, 2011, Technical Analysis Oil Forecast Nov. 23rd, 2011, Technical Analysis

Brent

Brent markets took off during the Tuesday session as the buyers stepped into the market in full force. The $105 level has held firmly as support, and we could see a run back to the $115 level in fairly short order as the range stays intact. The market is bullish overall, and would only be bought by us unless we crack below the $105 mark.

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