Crude Oil Forecast April 7, 2014, Technical Analysis » Fx Empire …
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Light Sweet Crude
The light sweet crude market rose during the session on Friday, testing the $101.50 level. That being the case, it appears that the market is trying to break out to the upside, but this is an area that has plenty of clustering, so it probably will take a little bit of effort to get above here. The fact that it was Friday probably didn’t help out either, as a lot of traders would not have wanted to carry risk into the weekend. Going forward though, we get above the $102.50 level, we feel that this market will go to the $104.50 level without too many issues. Above there, things get interesting as we could break above the $105 level and head to the $110 level given enough time. As far selling is concerned, we have no interest until we get below the $97 level, which is very unlikely at this point.
Crude Oil Forecast April 7, 2014, Technical Analysis
Brent
The Brent market tried to rally during the Friday session, but found the $107 level to be far too resistive. As that is the case, it appears that we have formed a shooting star, and it now looks as if this market wants to pull back slightly. That being the case, we feel that this market will more than likely trying to find some type of support below based upon the massive Thursday candle that we had formed. Quite impressive what the candle, and therefore it’s hard to believe that there is some type of serious buying pressure below.
However, we feel that since Brent is more of the European commodity, it’s very unlikely that it will outperform the light week crude market, as it is more favored in North America. With that being the case, we actually prefer to buy the light sweet crude market on an appropriate signal, but do recognize that Brett could very well find quite a bit of support below as well. With that in mind, we have no interest in selling this market, and recognize that $105 could be where buyers step back into this arena.
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Crude Oil Forecast April 7, 2014, Technical Analysis » Fx Empire …
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