NYMEX – CRUDE
Underlying bullish patterns remain firmly intact with prices appearing headed for a retest of the important 107.00/20 area in the coming days/weeks.
Interim resistance should be anticipated in the 104.80/105.00 region although immediate pullbacks are likely to be restricted to potentially sharp but probably short lived corrective action only for the time being.
Nearby supports are visible starting in the 102.40/60 zone then again towards 100.70/90 with only a clear and sustained break beneath here capable of triggering more serious short term falls.
TRADING STRATEGY: With profits on longs secured will now await next correction ahead of re-establishing.
ICE – BRENT CRUDE
Medium to longer term trends remain pointed sideways with prices firmly trapped within the confines of a broad and volatile trading range. Preliminary indications…..