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Published on Aug 19, 2016
The
WTI Crude Oil market went back and forth during the course of the day
on Friday, ultimately forming a fairly neutral candle. That being the
case, I think we are starting to run out of momentum at the moment, but
given enough time I think that the buyers will return eventually. With
this being the case, I’m simply going to let this market pullback and
try to find support that we can take advantage of. I believe that the
$46 level below is supportive, and should continue to offer a bit of a
“floor” in this market. I have no interest in selling at this point even
though I fully anticipate that the market is going to drop. At this
point, there simply far too much in the way of bullish pressure to step
in front of it.
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