Friday, June 3, 2011

Crude Oil (CL) Struggling to break support 6/3

Crude oil hourly chart on the left has shown some problems getting through a major support zone (@98.20-98-40) for the last couple days even with lots of bearish news coming out. If you have been short already this might be a good time to pull some off as there is a good chance this will hold. If we can finish in the low 99's I think we will eventually break through this support next week, but if we have another strong finish like yesterday, than be weary and light on any short position.

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