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Published on Aug 23, 2016
The
WTI Crude Oil market initially fell during the day on Tuesday, but the
inventories number came out much more bullish than expected and we of
course turn right back around. Because of this, we took back most of the
losses from the previous session, and it now looks as if we are going
to continue to grind our way towards the $50 level. Pullbacks at this
point in time still should see support near the $46 level, as I
suggested yesterday. In other words, I think we’ve already seen the
pullback and we are going to continue to see buyers step into this
market, even though it is somewhat overbought.
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