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Published on 8 Dec 2016
The
WTI Crude Oil market bounced off of the uptrend line that I had
discussed yesterday, and the $50 level. Because of this, it looks as if
the buyers are still hanging about trying to push the market higher. I
think that it’s only a matter of time before we reach towards the $52
level again, but I still maintain that if we break down below the $50
level and more importantly the trend line on a daily close that we will
continue to go lower. This is essentially a “to wait trade”, meaning
that I am a buyer initially, but if we turned back around us or breaking
below that trend line, I will not hesitate to switch gears and start
shorting.
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