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Published on Nov 14, 2016
The
WTI Crude Oil market broke down initially on the open for the Monday
session, dipping well below the $43 level. However, we found more than
enough support to turn things around and form a nice-looking hammer. A
break above the top of the hammer should send this market reaching
towards the $46 level above which has been massively resistive. Given
enough time, I’m waiting to see whether or not there is some type of
exhaustion that I can take advantage of and what is a very bearish
market. A break down below the bottom of the hammer would be a selling
opportunity as well, and at that point in time we should then reach
towards the $40 level which has been massively supportive in the past.
No interest in buying this market as we continue to trade beneath a
longer-term uptrend line that was broken.
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