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Published on Oct 25, 2016
The
WTI Crude Oil market went back and forth during the day on Tuesday but
ultimately formed a slightly negative candle. The more important is the
fact that the support area between the $50 level on the top and the $49
level on the bottom has held. Beyond that, you have to keep in mind that
the Crude Oil Inventories announcement comes out of the United States
today, and as a result we will more than likely find some type of
volatility from that announcement. If we can break down below the $49
level, we should continue to go lower. On the other hand, we could get a
bounce and if we break to the upside with any type of momentum, we
could find the market reaching towards the $52 level yet again.
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