-
Published on Oct 5, 2016
The
WTI Crude Oil market rose slightly during the course of the day on
Wednesday, slamming into the $50 level. With this being the case, it
looks as if we are trying to break out but I would also be the first
person to admit that the market is a bit overextended. I think that
pullbacks should continue to be opportunities for buyers to get involved
as we need to build up enough momentum to clear the psychologically
significant $50 level. If we do get above there, the market will more
than likely reach towards the $51.50 level. On the other hand, if we
fell from here I do not have any interest in selling this market until
we get below the $48 level, which of course would be very negative.
No comments:
Post a Comment