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The light sweet crude market had an interesting five sessions as we get below the $95 level, only to bounce back and form a hammer for the week. This was preceded by a shooting star, which of course had us thinking that the market would fall. It did in fact do so, but bounce later in the week.
The fact that we have a shooting star followed by a hammer suggests to us that choppiness is to be found in the short term. However, a break of the top of the shooting star would indeed be very bullish for the price of crude oil. With this in mind, a break of the top of the previous week’s highs would have us long. As for selling, we aren't comfortable until we get well below the $90 level.