Oil Technical Analysis for June 2, 2011

By CommoditiesMansion.com

Light Sweet Crude

The CL pulled back during the Wednesday session, falling back to the $100 support level. In a session that saw a lot of destruction across several markets, this is actually a sign of solid support as it has held. The market still looks bullish because of this, and could be bought. Until we break below $92.50 – we don't sell.

Brent

The Brent contract traded in an almost identical fashion as the CL on Wednesday, pulling back to the massive $115 support area, and holding. Just as the CL looks bullish, so does this contract. Until we break below $105, we aren't selling at all.

Originally posted here

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