-
Published on Oct 20, 2016
The
WTI Crude Oil market fell during the course of the day on Thursday, as
we continue to go back and forth in a very volatile manner. It appears
that the $50 level below is going to be the beginning of fairly
significant support, and that support could extend all the way down to
the $49 level. With this being the case, I believe that it is only a
matter of time before we see the buyers return. With this being the
case, I feel that a supportive daily candle is reason enough to go long.
On the other hand, if we break down below the $49 level I feel that the
market will continue to go lower. However, it should be noted that it
seems that the buyers overall seem to have control the market, so I
would expect the bounce more than anything else.
No comments:
Post a Comment