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Published on Nov 22, 2016
The
WTI Crude Oil market had a wild ride on Tuesday as we went back and
forth, testing several areas. There was an uptrend line that previously
had been so reliable offering resistance during the session, and with
today having the Crude Oil Inventories announcement coming out, it’s
likely that volatility will remain. Keep in mind that the Americans are
leaving for Thanksgiving holiday on Thursday, so quite frankly this
could be a very erotic market over the next 24 hours. A breakdown below
the bottom of the candle should send this market looking to fill the gap
that started at the open on Monday. I believe there is a significant
amount of resistance above, especially the closer you get to the $50
handle. Because of this, I am much more comfortable shorting if I get
the opportunity.
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