By Commoditiesmansion.com – Commodities predictions; Technical analysis for Oil using graphs & indicators Friday – April 22, 2011.
Let’s watch the video Oil forecast April 22, 2011.
Light Sweet Crude
The CL formed a hammer as the contract shows massive support at the $105 level, and looks like a market that wants to rise in value. The oil markets have been strong for months, and this set up looks like it is going to continue into the near future. Buying on a break of the highs from today is a good buying signal as it shows a continuation of the bullish move.
Brent
Brent was very quiet today, falling a few cents, but sitting at high levels to begin with. In order to get bullish, we want to see a clean break to the $125 level – this would show even more strength. A sell isn’t possible because of the strength of the market overall.
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