Oil Technical Analysis April 26, 2011

 

Light Sweet Crude

The CL had a neutral day today, forming a doji. However, it should be noted that it is near the resistance area of the $115 mark, and could show that the market is going to pullback at this point. Knowing this, waiting on a pullback to the $107.50 area or so might be the correct place for continued buying.

Brent

Brent had a very similar day today, forming a doji near the top of the market. The market looks like it is slightly tired, and could be ready to pullback. This is good however, and the $120 area is so supportive, it could give up more buying opportunities.

(Source: http://www.commoditiesmansion.com/commodities-analysis-video/oil-technical-analysis-april-26-2011/)