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Oil Technical Analysis October 21, 2011

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

Light Sweet Crude The CL contract fell during the Thursday session, only to bounce again and show some kind of strength at the end of the session. The

Oil Technical Analysis October 21, 2011

Light Sweet Crude

The CL contract fell during the Thursday session, only to bounce again and show some kind of strength at the end of the session. The resulting daily candle was a hammer, which of course is a very bullish sign. However, with the $90 mark being just above – we are hesitant to buy at this level. On the other hand, if we see the bottom of the hammer gets broken past – we would be very bearish at this point. The range should continue to hold between $75 and $90.

 

Brent

The Brent market fell for a while on the Thursday session, but managed to bounce towards the end of the session. The candle is a hammer, and looks bullish. The market could be bought on a break of the highs from Thursday, but we only see this as a trade – since the $115 mark has been so resistive, we think a trade, and not an investment is the way to go. A breaking of the lows from Thursday would send this market much lower.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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