Published on 26 May 2016
The
WTI Crude Oil market initially fell during the day on Wednesday, but
you can see turned right back around during the US session to show
bullishness as we ended up forming a hammer at the top of this move
higher. We are sitting just below the vital $50 level, which of course
can find quite a bit of psychological resistance. The fact that we did
up forming a hammer though tells me that the buyers are becoming more
and more aggressive, and as a result we should break above there given
enough time.
