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Published on 26 Apr 2017
The
WTI Crude Oil market had a positive session after getting a bullish
inventory number out of the United States. However, the $50 level
offered enough resistance to turn things around and form a less than the
stellar candle. At this point, I believe it’s probably best to let the
market pick a direction, and simply follow. I’m going to do this by
going long on a break above the top of the range for the session on
Wednesday, or shorting on a break of the lows. If we break down, I feel
that the market should then go looking for the $47.25 level underneath
which offered support previously. Alternately, if we break above the top
of the candle for the session on Wednesday, the market will more than
likely go looking towards the $51.25 level above.
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