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Published on Nov 28, 2016
The
WTI Crude Oil market initially gapped lower at the open on Monday, but
then turned around to fill that gap completely. This is a market that
has recently broken down from the previous uptrend line that should now
be resistive, and of course there are a lot of concern in that area, and
I believe it’s only a matter time before the market sells off.
Shorter-term charts might be needed to take advantage of that, but the
markets will be volatile as we await the results of any OPEC meeting.
Ultimately, I do think there will be some type of agreement, but at the
end of the day it won’t do much to take control of the oversupply issue
that the oil markets had. This is a market that will revisit the $43
level given enough time, and I’m not willing to buy until we break above
the $50 level, something that doesn’t seem very likely.
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