-
Published on Aug 16, 2016
The
WTI Crude Oil market rallied during the course of the day on Tuesday,
breaking above the $46 handle. This is a very bullish move, and as a
result I feel that the market will continue to go higher and less of
course the inventory number comes out very bearish during the day.
Recently, this has been a move predicated upon the idea that drilling
will slow down during the year 2017, something that hasn’t necessarily
been proven yet. Ultimately though, you cannot argue with the market and
you have to simply follow. A break above the top of the range during
the day is a buying opportunity but having said that if we managed to
turn right back around and break below the bottom of the candle for the
day on Tuesday, I would then become a seller because it would be a
reaction to the inventory numbers, which of course gives us the clearest
signal of demand
No comments:
Post a Comment