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Published on Oct 17, 2016
The
WTI Crude Oil market went back and forth during the course of the
session on Monday, showing a proclivity to bounce around the $50 level.
At this point in time I believe that the markets will continue to go
sideways overall, and with that being the case I feel that it’s only a
matter time before we returned to the $50 level if we get a little too
far in one direction or the other. I have no interest whatsoever in
trying to place a larger position at the moment, I feel that there is
plenty of support below the $49 level that we would have to break down
significantly below there in order to start selling. If we break above
the $51.50 level, then I would be willing to buy this market with a
little bit more gusto. In the meantime, we are simply going back and
forth.
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