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Published on Sep 26, 2016
The
WTI Crude Oil market had a very volatile session during the course of
the day on Monday, but ended up showing a fairly positive candle. With
this being the case, looks as if we are waiting to see whether or not
the OPEC members will come up with some type of an agreement in the
informal meetings that we will have over the course of the week. If they
can agree on some type of output cut, it’s likely that the market will
go much higher, but ultimately it’s likely that the sellers will enter
this market as we have seen every time this market tries to rally. The
highs are getting lower, and as a result it’s very likely that the
sellers will continue to push this market lower, perhaps trying to test
the $43 level. That’s an area that’s massively supportive, and a break
down below there could be a longer-term signal to start selling.
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