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Published on Sep 17, 2016
the
WTI Crude Oil market initially dipped below the $43 level on Friday,
but found enough support to turn things around and form a hammer. This
of course is one of the more bullish candlesticks that you can form so I
think that we are going to have a real fight on our hands. Further
compounding the confusion is the fact that we have a shooting star from
Thursday which of course is very negative so I think we’re going to bang
around this area just above the $43 level for a while. Ultimately
though, I do think well markets are in serious trouble as the glut is
expected to continue into 2017. At this point in time I would be very
suspicious of any rallies it would be more than likely looking for
selling opportunities when we do rally on signs of exhaustion. On
entering, breaking below the bottom of the hammer of course is a very
bearish sign and I think at that point in time oil will find itself
falling towards the $41 level, and then eventually the $40 level.
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