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Published on 31 Mar 2017
The
WTI Crude Oil market initially fell during the session on Friday, but
found enough support at the $50 level to turn things around and form a
hammer. The fact that we closed higher suggests that there are still
plenty of buyers underneath, and that we should continue to go higher
over the next several sessions. I believe the pullbacks offer value, as
the $50 level now should offer support. I think the target will be the
$52 level and the short-term, but expect a lot of volatility. With this,
I’m not interested in selling until we get below the $49.50 level,
which would be a significant breakdown in support and become a very
interesting trade.
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