The long-awaited US Fed meeting triggered a chain of interrelated events.
The decision to buy long-term governmental bonds worth 600 bn. dollars in total, with about 75 bn. dollars to be spent a month, generally coincided with market expectations. WTI (Light Sweet) oil futures that used to range between $69-87 again reached the upper boundary of the range backed by all signs of market strength. A series of up-bars with increased volumes and the fact that the last bar's close was practically on the top add confidence in further appreciation. A slight pullback is possible to summon up strength before an upward spurt, approx. to $85.5 – 86.
A very similar picture is typical of another energy carrier. The weekly chart of the FUEL OIL futures is quite similar to that of Light Sweet. Two attempts to test the resistance level at $2.3574 resulted in its break though the up-bar was at a lower volume which also points to a possible pullback after which the nearest target is at $2.55 – 2.6, according to analysts of the Market Sentiment Analysis Department of the Masterforex-V Trading Academy.
