Oil And Natural Gas Technical And Fundamental Analysis For The Week Of May 23, 2011

The CL retested the $95 area yet again this week, and seems to be quite comfortable in this area. In fact, we use $95 as a symbolic floor for CL. If we trade below it on a significant daily close, we will short this market looking for more weakness. However, we believe that we will certainly see higher prices first, and a break of the $101 area could get us very bullish.
The Brent markets look like they are finding support at the $105 area, and this would be the floor for us. A break below would seriously shake the confidence of bulls, but looks unlikely at the moment. The market certainly looks like the recent weakness isn’t breaking the resolve of the buyers. On a move up over $115, we could see a push back towards $125 or so.
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