Oil Forecast for March 21, 2011

By CommoditiesMansion.com

Light Sweet Crude (CL)

The CL had a lackluster performance today, after what was originally looking to be very bullish action. We have formed a shooting star on the daily chart at roughly the $102 area, which could be seen as minor resistance.

It appears that after yesterday's extremely bullish action, this market needs to rest. A pullback to $97.50 certainly looks possible at this point as the bulls will try to collect more allies to push prices higher.

Brent

Brent has an almost exact carbon copy of a day as well. The bar formed at the $115 mark, the very beginning of the resistance area towards the upper pricing of recent trading. A pullback for this market is probably a welcome sign, as the bulls have driven prices up rather quickly this time around. The market should find support at $107.50, and would be a great opportunity to buy again at that level. New highs at $118 or so would be needed to get bullish again at this point.

More March 21, 2011 Technical Analysis:

• Natural Gas Forecast for March 21, 2011
• Gold Forecast for March 21, 2011