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Published on Dec 6, 2016
The
WTI Crude Oil market fell during most of the session on Tuesday, but
found enough support off of the previous uptrend line and more
importantly the $50 level, we turned around to form a hammer. I think
today will be crucial when it comes to the WTI Crude Oil market, as we
get the Crude Oil Inventories number. Ultimately, we are expected to see
a drop of 1.2 million barrels in inventory. If we see more, that shows a
pickup in demand and that could be reason enough for us to continue
going long. However, we see a number higher than that, the market will
more than likely break down below the $50 level. On a daily close below
there, I think it would be a nice opportunity to start selling yet
again.
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