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Published on Oct 12, 2016
The
WTI Crude Oil market initially tried to rally during the day on
Wednesday, but pullback in order to test the $50 level for support. I
believe that with the Crude Oil Inventory number coming out later today,
this could very likely be a significant trading session in this
particular market. The $49 level below is massively supportive, and as a
result it’s not until we break down below there that I’m willing to
start selling. I’m simply waiting to see some type of bounce or
supportive candle in order to go long, and as a result I am going to
wait for the next daily close to make my decision. If we do break down,
we could very well reach down to the $47 level below there.
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