Crude Light Oil futures are now trading the June ‘10 contract after May expired at the close yesterday .
As of Last Thursdays Overview from the 14th April below here,s what was outline .
Freshley squeezed view
Even after two days of heavy selling off Oil remains at elevated levels.
Bulls will look to halt the sell off toward the top of the March trading range (106.50) and break its short term Resistance.
Price pretty much acted like I have outlined and now breaking its short term Resistance .
So were do we head from here ?
Price continues to build value above the 100.00 level and bears have a long way to go before being in control of the market . With the June ‘10 contract currently trading around 111.30 .
Freshley Squeeze View
A failure to break the previous low at 106.50 marks key short term support . There is little in the way of resistance and a retest of made the 114.07 now favour bulls .
Also to reiterate Longer term -remain bullish the Oil market and expect a test of the 120.00 handle in the coming months- .