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Published on Oct 19, 2016
The
WTI Crude Oil markets rose during the course of the day on Wednesday,
breaking out to a fresh new high at one point. However, we did get back
some of the gains so it does suggest that it is going to be a
marketplace that should find buyers below, so pullbacks might be needed
in order to build up the momentum to continue to go higher. Ultimately, I
believe that the $49 level below continues to be the “floor” in this
market, so I don’t really have any interest in selling even if we do
pullback. Ultimately, this is a market that I think goes towards the
$52.50 level above, and then eventually the $55 level above there.
Ultimately, this is a market that I think the buyers will continue to
run towards in the short-term.
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