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Published on Sep 20, 2016
The
WTI Crude Oil market initially fell on Tuesday, but found the $43 level
to be supportive enough to turn things around. Because of this, we
ended up forming a hammer of sorts, and with this being the case, I
think that the market very well could be looking to go higher. However,
the Crude Oil Inventories announcement comes out today, and with this it
is likely to have a strong influence on this market. The markets are
still bearish longer-term in my estimation, mainly because there is a
serious oversupply as predicted by the IEA, and expected to last into
late 2017. With this, I look at any serious rally as potential selling
opportunity. This market is likely to reach $40 over the longer term.
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