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Published on Oct 13, 2016
The
WTI Crude Oil market initially fell on Thursday, dropping near the
$49.25 level. However, we found enough support to true things back
around and form a hammer, which of course is one of the more bullish
candlesticks you can form. Because of this, I feel that the market will
continue to find buyers as we grind away in order to try to find enough
momentum to break out to the upside. A move above the $52 level would be
a breakout, and I believe at that point in time the market would
probably try to get to the $55 level. Alternately, if we break down
below the $49 level, I feel that the market will probably drop down to
the $47 level in the short term. Although I am not bullish longer term, I
have no interest whatsoever in trying to sell at this point in time.
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