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Published on 13 Dec 2016
The
WTI Crude Oil market initially shot higher at the open on Tuesday but
turned around to form a shooting star. The shooting star is sitting on
top of the gap still, so I think that we will probably drift lower.
However, there should be quite a bit of support below, especially near
the $50 level. I wonder whether or not we can continue to go higher,
based upon the OPEC and the non-OPEC countries coming to an oil
production cut agreement. Any type of supportive candle in this region,
and extending all the way down to the $50 level could be a nice buying
opportunity. A break down below the $50 level should send this market
much lower, so this point in time I would have to be fairly cautious
about trading.
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