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Published on 18 Apr 2017
The
WTI Crude Oil market initially fell on Tuesday but found the $52 level
to be supportive enough to turn things around and form a hammer. That
being the case, it’s likely that the market will continue to go higher,
and if we can break above the top of the candle, the market could then
reach to higher levels. We get the Crude Oil Inventories announcement
coming out during the day, so having said that I believe that pullbacks
could appear, but they should in the end of being buying opportunities.
Because of this, the market should then reach towards the $55 level
above, which has been resistance in the past. I believe that the market
has already made up its mind that it wants to go higher.
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