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.
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