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Published on Aug 24, 2016
The
WTI Crude Oil markets fell during the course of the day on Wednesday,
reaching towards the $46 level. I expect to see quite a bit of support
there though, so at this point in time I have no interest in selling.
Because of this, I’m waiting to see whether or not we get some type of
supportive candle or a bounce that we can take advantage of in a market
that has shown quite a bit of support recently. With fact, I’m on the
sidelines and waiting to see on short-term charts signs that the buyers
have returned. I don’t have any interest in selling until we break down
below the $46 level, which at that point in time I would anticipate the
market would then reach towards the $45 handle. Volume just isn’t there
the moment, so you would be forgiven for simply standing on the
sidelines.
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