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Published on Aug 29, 2016
The
WTI Crude Oil market fell slightly during the course of the session on
Monday, as we continue to see quite a bit of volatility. The $46 level
below causes quite a bit of support, as we have seen previously, as well
as quite a bit of resistance at that level. This is a market that
continues to chop around sideways due to the fact that we may have to
take a bit of a breather after the recent explosion to the upside.
However, I believe that we break down below the $46 level would be a
short-term selling opportunity based upon the fact that we formed a
shooting star and Friday. On the other hand, if we break above the top
of the shooting star, we could continue to go long at that point.
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