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.
