Crude Oil Forecast June 24, 2014, Technical Analysis » Fx Empire …

Crude Oil Forecast June 24, 2014, Technical Analysis » Fx Empire …

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Light Sweet Crude

The light sweet crude market initially gapped higher on the open for Monday, but as you can see the $107.50 level offered enough resistance to push the market back down. We ended up closing the open outcry session at roughly $106.00, an area that should bring in more buyers. With that, we would expect quite a bit of support just below, and we would expect the market to be one that should represent value in the near-term, and as a result we have absolutely no interest whatsoever in shorting it.

We believe that below the $105 level, there is significant support at the $103.50 level as well, therefore we believe that there will be a nice buying opportunity, but will wait for a supportive daily candle in order to go ahead and start risking money in this market that obviously has been overbought at this point in time. The parabolic move of course houses interested in going long, but it also makes jumping into the market at this point a bit risky.

Crude Oil Forecast June 24, 2014, Technical Analysis

 

Brent

The Brent market initially rallied during the session on Monday, showing the $115.50 level to be far too rich for the buyers. That being the case, we ended up turning back around and closing at the death of the open cry trading session near the $114.00 level. The negative candle of course suggests that we could get a bit more of a pullback from here, which quite frankly is welcome news for us as this market has been so parabolic.

We are looking for supportive candles at lower areas in order to take advantage of value, and to go long in order to profit from what is obviously a very bullish market. In fact, we believe that there are enough reasons around the world to think about only buying this market, simply because the situation in Iraq will only make more nervous trading sessions ahead, and as a result we believe that every time this market falls, it will end up being an excuse for buyers to come back in and push the market higher.

 

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Crude Oil Forecast June 24, 2014, Technical Analysis » Fx Empire …

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