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Published on Oct 3, 2016
The
WTI Crude Oil market broke higher during the course of the session on
Monday, breaking above the top of the hammer from the Friday session,
and it looks like we are trying to grind our way towards the $50 level.
With this being the case, I believe that the market may try to reach
towards the $50 level, but it is not going to be easy. This is in
reaction to a recent production cut by OPEC being announced, but at this
point in time if you keep in mind that it doesn’t even start until
November, and it doesn’t even address the total oversupply. With this, I
believe it is only a matter time before the sellers returned but
obviously they are not going to right now.
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