Oil Technical Analysis for July 8, 2011
By CommoditiesMansion.com
posted 16:09 07/07/11
| Technical Analysis
 
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Light Sweet Crude

The CL rose on Thursday, pushing past the $97.50 area, and looks like it is trying to get to $100 in the short-term. We have shown massive bullishness, and it appears that we will continue to go north. We like buying dips, and don’t sell at this point.

Brent

If the CL had a good day, the Brent market had an outstanding one. The candle is long, green, and full. This is a great sign that the bullishness is a new phase of buying, and it appears that $120 is a given at this point. We buy dips, or closes above the $120 mark at this point.

 
 
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