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Published on Aug 17, 2016
The
WTI Crude Oil market initially fell during the course of the session on
Tuesday, testing the $46 level. The level offered enough support to
turn things back around and form a bit of a hammer. A break above the
top the hammer will more than likely send this market much higher. The
fact that we have seen such bullish pressure over the last several
sessions suggests that there is a bit of a change in sentiment. Now that
we have formed a hammer at the $46 level, it’s likely that the market
will continue to go much higher. There is a small problem above, as
there is a lot of noise. However, I think that the market will probably
try to reach the $50 level. If we break down below the bottom of the
range for the Tuesday session, I feel that the market will probably
fall.
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