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Published on Nov 1, 2016
The
WTI Crude Oil market went back and forth during the course of the
session on Tuesday, as they ended up forming a fairly neutral candle in
this market. We are sitting on top of an uptrend line, and of course we
get the Crude Oil Inventories number coming out of the United States
today, and that will have a massive effect on the market. If we can
break above the top of the range for the session on Tuesday, I feel that
the WTI Crude Oil market will continue to go higher, perhaps reaching
towards the $50 handle. On the other hand, if we break down below the
bottom of the range during the course of the session on Tuesday, we
could very well continue to go much lower from there, perhaps reaching
towards the $43 handle.
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