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Published on Aug 15, 2016
The
WTI Crude Oil market rose during the course of the day on Monday again,
as we are starting to grind our way towards the $46 level. I believe
that if we can break above the $46 level, the market could then very
well go much higher. However, I also recognize that there is a long of
resistance just above that could very well turn this market back around.
An exhaustive candle would be a nice opportunity to start selling
again, as we did have a significant breakdown, but at this point in time
it appears that the buyers could very well be trying to step into this
market and could be getting a bit over exuberant due to the fact that it
is possible that we have less production next year, and therefore we
could have supply disruptions going forward. On the other hand, I would
be the first person to ask where the demand is going to come from?
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