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Published on Oct 16, 2016
The
WTI Crude Oil market had a very volatile session on Friday as we
continue to bounce around just above the $50 level. However, the market
has sliced through this level several times, so I feel that this market
will probably continue to do the same. With that being said, I don’t
think that the $50 level itself has the psychological importance that it
could under normal circumstances, and I believe we are basically
bouncing around between the $51.50 level on the top, and the $49 level
on the bottom. With this being said, I do think that we will drift a
little bit lower, but the $49 level should bring in more buyers. If we
break down below there, the market will more than likely try to reach
down to the $47.50 level after that.
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