Oil Technical Analysis for May 17, 2011

Light Sweet Crude

The CL contract was slightly biased to the downside in Monday trading, but didn’t move that far in the big scheme of things. The recent $95-$97.50 support area is still showing signs of importance, and the contract looks like it is quite comfortable at this level. Look for consolidation in the near term. Because of this, we have a flat outlook on this market.

Brent

Brent had an unusually quiet day on Monday, barely moving at all. The finish was down, but only by a fraction. The market looks like the CL, which looks like it wants to sit still and consolidate for a while.

(Source: http://www.commoditiesmansion.com/technical-analysis/oil-technical-analysis-for-may-17-2011/)