Published on 29 Jun 2016
The WTI Crude Oil markets rallied during the course of the session on Wednesday, testing the $50 level. By doing so, it looks as if the market is going to try to break out to the upside but we didn’t close above it. If we can break out above the most recent high, the market then will continue to go much higher. Ultimately, at this point in time it looks quite a bit like we are consolidating, so I feel that we very well could pull back towards the 50 day exponential moving average, which is shown as red on this chart. The market does look as if there is quite a bit of bullish pressure underneath though, so ultimately we very well could breakout. With this, I think that the short-term pullback could very well end up being more of a buying opportunity than anything else.