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Published on 25 Apr 2017
The
WTI Crude Oil market fell initially during the day on Tuesday, but
found enough support at the $49 level to turn around and form a hammer.
The hammer is sitting right at the 200-day exponential moving average,
so that of course is a bullish sign as well. However, we get the crude
Oil Inventories announcement coming out during the session, and that
will of course offer quite a bit of volatility to this market. I believe
that as long as we stay below the $50 level, there’s a good chance that
we sell off again. A breakdown below the bottom of the hammer would
also be very negative, sending the market down to the $47.20 level
underneath.
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