Crude oil markets pulled back slightly on Friday

WTI Crude Oil

The WTI Crude Oil market pulled back a little bit during the trading session on Friday, as we get the jobs number out of America. The number was a little softer than anticipated, but it seems as if the crude oil traders out there don’t care one way or the other. The uptrend line of course continues to keep markets afloat, and I believe it’s not until we break down below that uptrend line that you can sell this market. Ultimately, if we can break above the $64 level, we should then go towards the $66 level above. There is a significant resistance barrier above there that can cause some issues, but at this point it looks as if the buyers are more in control than anything else.

Brent

Brent markets pulled back a bit during the trading session on Friday but found support at the 20 SMA. The market continues the uptrend, and the up-trending line of course keeps the market a bit bullion. I think at this point we will probably go looking towards the $70 level, which will be psychological resistance. If we can break above the top of the shooting star from about a week ago, then the market is free to go much higher. Until then, it seems very unlikely to make a major move, but certainly it seems as if the buyers are much more aggressive than the sellers. It’s not until we break down below the uptrend line that selling is remotely possible.

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