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Published on 28 Apr 2017
The
WTI Crude Oil market initially tried to rally during the session on
Friday, but found enough resistance just below the $50 level. The market
has turned around to form a neutral looking candle, but the weekly
candle is a bit of a hammer. If we break down below the bottom of the
hammer, the market could very well find itself going much lower, perhaps
reaching towards the $47 level and then the $45 level after that. If we
can break above the shooting star from the Wednesday session, which is
essentially the $50.25 level, the market could go much higher, perhaps
reaching towards the $53 level at that point. Either way, I suspect
there’s going to be quite a bit of volatility in the market, as we must
make what I think will be longer-term decisions rather soon.
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