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Published on Nov 15, 2016
The
WTI Crude Oil market exploded to the upside, breaking above the top of
the previous sessions hammer. This of course is a very bullish sign and
could extend to a much bigger run. However, I think we are starting to
run into a significant amount of resistance near the $46 level, and of
course the previous uptrend line. I believe that the area will cause
quite a bit of resistance, so some type of exhaustive candle would be an
excellent selling opportunity as far as I can see. This has been a very
bullish candle though, see you have to keep in mind that we could see a
little bit of continued momentum to the upside. I have no interest in
buying this market as the Crude Oil Inventories number comes out today.
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