NYMEX Crude : US$ 102-103 in sight
February 23, 2011 Leave a comment
NYMEX Light Crude for June delivery (CL1M) has already spent a few hours at the 100 mark, and is currently trading at US$ 97.60 or so. We view US$ 102-103 as possibility before the end of the week, and are closely following events in Libya, because it looks like something bad is going down today.
The contract has decent support at and just above US$ 97, and a long position can certainly be considered with a stop at 95.75.