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Published on 11 May 2017
The
WTI Crude Oil market rallied on Thursday, breaking above the $47.50
level. I think that the market is going to run into a bit of resistance
in this general vicinity, and I am still waiting to see and exhaustive
candle that I can start selling. Ultimately, I think that the market
should then reach down to the $47 level, and then $45. However, I do
recognize that there is quite a bit of bullish pressure, so I think it’s
only a matter of time before the buyers make another attempt. I’m not
willing to buy this market currently, least not as long as we are below
the black 200 exponential moving average on this chart. I think that
this window been and I selling opportunity, but I need to see a candle
that tells me it’s time to do so.
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