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The light sweet crude market fell during the session on Friday as the weakness in the energy markets continues. However, it should be noted that we are well within the range of the previous two days, and it seems like we are trying to form some type of consolidation area between $91 and $88.
With as much support as we presently see below, we are much more comfortable buying this contract than selling it. Because of this, we are looking for supportive candles on the shorter-term frames in which to buy as the oil market should continue to rise with all of the tension in the Middle East, and of course the Federal Reserve firing up the printing presses yet again. Because of this, we are buying supportive candles, and will ignore sell signals until we get well below the $85 level.