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Published on Oct 27, 2016
The
WTI Crude Oil market bounced off of the $49 level during the course of
the day on Thursday, but found resistance at the $50 level above. With
this being the case, the market looks as if it is going to go back and
forth and chop around in general. If we can break above the $50 level,
that would be very bullish, and it should send this market looking for
the $52 handle. A break above the $52 level would of course be a very
bullish sign as we should go higher over the longer term. On the other
hand, if we break down below the $49 level, the market should reach
towards the $46 level underneath that. With this being the case, I’m
waiting to see whether or not we will break down or shoot to the upside.
Between now and then I am sitting on the sidelines.
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