NYMEX Crude June Delivery (CL1M)

Crude retested the April 11th  high of US$ 113.88 for June as forecast, and will remain bullish so as long as the contract holds north of US$ 110
Trade View
• It was hard to hold back the laughter on reading the US Justice Dept are planning an investigation in to crude futures manipulation, when all they need do is string up Bernanke and Geithner to get their men.
• Oil could break last week’s high of US$ 114.17, it could go to 115-115.50, higher even, and for now it depends mostly on the USD, not inventories, and not even the mess in the Middle East, and unless we see a big reversal and a breakdown below US$ 110, we will remain very cautions on shorting the black stuff just yet.

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