Crude Oil Forecast – The WTI Crude Oil market fell slightly during the course of the session on Friday, but turned right back around to form a bit of a hammer. That being the case The market looks as if it is trying to go higher but we also have a shooting star on the Thursday candle, so it’s likely that the market rising will be a bit difficult, but it certainly looks like we are more apt to go higher than lower at this point in time. There is plenty of noise just below though, so even if we drop from here, it’s likely that the market will find plenty buyers and as a result we will have any interest in selling. However, we do recognize that there is going to be a lot of choppiness so having said that it’s difficult to imagine it’s going to be easy.
Brent markets did very little during the day on Friday as we continue to hover just below the $40 level. There is a lot of noise just above though, so having said that a move higher as going to be difficult. We could very well pullback but there seems to be more than enough support underneath to keep this market going higher over the longer term. With this being the case, a pullback will have us looking for supportive candles to start going long. We also would be interested in going long on a break above the top of the range for the Friday session, but we recognize that we may have to pull back from time to time in order to build up enough momentum to continue the move higher with any significance. Because of this, we are simply waiting to see whether or not we get either one of the signals to start buying. We have no interest whatsoever in selling, as the market should continue to attract people who have missed out on the rally, and have watched the others in the marketplace make money in what has been a nice and steady uptrend.
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