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Published on Nov 23, 2016
The
WTI Crude Oil market went back and forth on Wednesday to show quite a
bit of neutrality and as a result I think that the previous uptrend line
is going to continue to offer resistance above. Because of this, I
believe that it’s only a matter of time before sellers get involved and
pushes market back down. The $49 level also offers quite a bit of
resistance as well, and because of this I feel that it’s only a matter
of time before we can search selling. If we can break down below the
bottom of the candle for the Wednesday session, I think that the market
will go lower to fill the gap as it typically will do. I have no
interest in buying at this moment as there is quite a bit of reasoning
to think that we will continue to go much lower.
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