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Published on Oct 18, 2016
The
WTI Crude Oil market fell slightly during the course of the session on
Tuesday, but turned around to form a bit of a hammer although the $50
handle. If we can break above the top of the hammer, the market should
then reach towards the $51.50 level. If we can break above there, the
market should continue to go much higher and reaching towards the $55
level after that. I believe that the $49 level below is massively
supportive, and as a result I don’t have any interest in selling until
we break down and close well below there. If we do, the market should
then reach down to the $47 level. I think at this point in time though,
it makes sense that the buyer will return to this market again and
again, so I don’t really have any interest in selling at this moment. I
do recognize that it will that longer-term we may have serious
oversupply issues.
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