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Published on Sep 29, 2016
The
WTI Crude Oil market went back and forth during the course of the
session on Thursday, ultimately settling on a slightly positive candle.
However, the one thing that I notice is that we are starting to run out
of steam here a little bit, so with that being the case it’s probably a
situation where we will see the market turning back around fairly soon,
reaching down towards the $45 level. I do think that it’s possible that
we continue to break out to the upside but there is a lot of noise
above, and quite frankly I’m not comfortable going long until we get
above the $50 handle, something that I don’t think we’re going to do
right away. With this, I’m waiting to see an exhaustive candle or break
down below the Thursday session in order to start selling again.
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