The WTI Crude Oil markets rose during the session on Tuesday, and in fact even managed to break out rather successfully. I have been looking at the $101.50 level as the resistance it needs to be overcome, and now I believe that the market is going to chew into the previous consolidation area from the month of October. Because of this, I fully expect this market to head towards the $104 level, and believe that short-term pullbacks will be buying opportunities in a market that has obviously turned bullish yet again.
Knowing this, I am looking to the short-term charts in order to get buy signals. Any signs of support will be bought, and quite frankly I think that a lot of day traders are going to treat this market the same way. For me, I believe that the $100 level is the “floor” in this market at the moment, and I find it very difficult to imagine this market dipping below there without some type of significant headline
Expect choppy conditions, but quite frankly I see nothing to drive prices down.
I expect choppy conditions going forward, but I not only anticipate that this market will touch the $104 level, but I also believe that we will eventually break out above that level as well. The oil markets of course should continue to be bullish, probably heading towards $110 by the time the move was said and done. While there is a lot of noise between here and there, that means the market may tickets time getting to that level. In other words, I am going to be long of this market were flat for the foreseeable future. I don’t see in the charts anything that makes me want to sell this market, and quite frankly we are on the precipice of breaking out of a “W pattern.” That of course is one of the more bullish signals you can receive. With that, I am a buyer, and not a seller as this bullish market continues to go much higher and higher.
