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Published on Dec 4, 2016
The
WTI Crude Oil market initially fell on Friday but found enough support
at the $50 level to turn around and form a hammer. The $50 level was a
significant psychological barrier that we have to break below for me to
start selling, and that remains the case. Not only is the $50 level a
large, round, psychologically significant number, but we also have an
uptrend line slicing through it just below current pricing. Because of
this, it looks like the buyers are still pushing this market, a break
above the top the hammer could send the WTI market to the $55 handle.
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