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Published on 11 Apr 2017
The
WTI Crude Oil market initially fell during the day on Tuesday, but
found enough support underneath to turn things around and form a hammer.
This was mainly due to reports that Saudi Arabia was looking to extend
the production cuts again. I still think there’s plenty of support
below, especially near the $52 handle. Because of this, I am a buyer of
dips, but I also recognize that we are overextended by just about any
metric you can measure this by. Ultimately, the market looks as if it is
going to try to reach towards the $55 handle, and that’s my longer-term
target. Short-term “buying the dips” will probably be the best way to
play this commodity going forward.
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