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Published on Aug 5, 2016
The
WTI Crude Oil market initially fell during the course of the session on
Friday, but bounced enough to form a nice-looking hammer. That being
the case, looks as if we could go higher from here, but I see a
significant amount of resistance just waiting at the $43 level above.
With this being the case, and exhaustive candle would be reason enough
to start selling. I have the 50-day exponential moving average market
rent on the chart, as well as the 200-day exponential moving average.
They look like they are about to cross given enough time, so having said
that I think it’s only a matter time before the sellers return to this
marketplace and continue the downtrend. On the other hand, a break down
below the bottom of the hammer for the session on Friday would also be a
nice selling opportunity.
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