-
Published on Nov 10, 2016
The
WTI Crude Oil markets fell slightly during the course of the day on
Thursday, as we continue to consolidate in the current region. The $43
level below should be massively supportive, so it might take several
attempts to break down below there. Because of the hammer that formed on
Wednesday, I believe that we could easily bounce from here but I also
recognize that there is a lot of resistance above and we most certainly
have broken down on a longer timeframe. A move that’s higher and forms
an exhaustive candle would be a nice selling opportunity, offering more
value for the seller. Alternately, we could break down below the $43
level first, and if we do I feel that the market can drop to the $40
level without too many issues.
No comments:
Post a Comment