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Published on 12 Dec 2016
The
WTI Crude Oil market gapped at the open on Monday as word of the
production cut agreement between OPEC and not OPEC members was
announced. With this, the market looks as if it is going to be bullish,
but we may have to pullback in order to fill that gap previously form.
The uptrend line should be supportive as well, and as a result I think
that the market will find value at lower levels. I believe that we are
going to reach towards the $55 level, and then possibly the $60 level.
Ultimately, if we break down below the uptrend line, and more
importantly the $50 level, at that point I would be a seller. I think
longer-term we have issues with supply, but I don’t have any interest in
trying to short this market currently.
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