Oil Technical Analysis for June 29, 2011

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By CommoditiesMansion.com

 

Light Sweet Crude

The CL contract had an impressive day on Tuesday as traders stepped in – being convinced of the supportive nature of the $90 mark. Because of this, it appears that the CL may have some issues breaking down through that level. We should keep in mind that the $95 area could become resistance at this point, and although the contract looks fairly bullish – we may see consolidation in a tight range in this area going forward. We are cautiously optimistic about the buying of oil, but would be quick to cut our losses under $90.

Brent

The Brent market took off; straight to the resistance area of $110 on Tuesday, and looks like it is well-supported at these levels. Because of the resistive nature of $110, we would like to see a close above that level in order to buy. We don't sell until we are below $95 or so.

Originally posted here

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