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Published on Sep 30, 2016
The
WTI Crude Oil market initially fell during the course of the session on
Friday, but turned back around to form a nice-looking hammer. This
means that we should continue to see buyers try to break out above, but
there is a massive amount of resistance near the $49 level, and perhaps
the $50 level above that. Ultimately, we break down below the bottom of
the hammer, that would be a very negative sign as the market should then
fall towards the $45 level. With this, I think that the market will
continue to be very choppy so having said that it’s difficult to imagine
placing a longer-term trade at this point in time.
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