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Published on 7 Dec 2016
The
WTI Crude Oil market had a very negative candle form for the Wednesday
session, testing the $50 handle. That’s an area where I expect to see
quite a bit of support, because of course is a perfect round number. But
beyond that we have previous action at this level, and of course the
uptrend line that I have on the chart. If we can break down below that
level, and close below it, I believe that the market will continue to
sell off and perhaps reach towards the $48 level. A bounce from here
could be positive and send the market towards the $52 handle above, but
the attention to the US dollar because of that starts to strengthen,
that will work against the value of crude oil.
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