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Published on 9 Jun 2017
The
WTI Crude Oil market went back and forth during the day on Friday, as
we continue to test the $45 level underneath. That’s an area that has
offered significant support in the past, so it’s not a surprise that we
bounced. We formed a hammer on Friday, just as we formed during the
Thursday session. Because of this, I believe that we could rally from
here, perhaps reaching towards the $47 level above. Any rally at this
point to me would be a selling opportunity, and exhaustive candle near
the $47 level could be a nice opportunity to start shorting yet again.
Alternately, if we can break down below the $45 level, I think at that
point the market will break down to the $43 level relatively quickly.
Either way, I don’t have any interest in buying this market.
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