Published on 21 Jun 2016
The
WTI Crude Oil market initially fell during the day on Tuesday but found
enough support just above the $40 level to turn things around and form a
hammer. That of course is a positive sign, so we can break above the
top of the hammer I believe that the market will continue to grind its
way higher, perhaps trying to continue the longer-term uptrend.
Ultimately, pullbacks will continue to be very important as they
represent value in this very bullish market. I believe that given enough
time we could break out, but if we end up making a “lower low” at the
$46 level, that could be the beginning of a very negative move.
Ultimately, the market looks like it is going to be very volatile in the
short-term, so having said that it’s likely that short-term charts will
probably be the best way to go.
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