Published on 26 May 2016
The WTI Crude Oil market initially tried to rally during the day on Thursday but found the $50 level be far too resistive to continue going higher. By doing so we ended up forming a shooting star which of course is a very negative candle and at this point in time I think it is probably just a sign that we are going to have to pullback. This makes a lot of sense, the $50 level had been so resistive back in October, and we are bit extended at this point. However, I see quite a bit of support down at the $48 level, so I think any pullback at this juncture will be short-term in nature at best. I also recognize that if we can break above the top the shooting star that should be a buying opportunity so at this point in time I much more apt to be a buyer that a seller.