By: DailyForex.com

The WTI Crude Oil market did very little during the session on Tuesday, but the one thing that he did do was prove the $105 level to be supportive yet again. With that, it appears that the market is ready to go much higher, but a nonfarm payroll announcement coming out this Thursday could in fact keep this market a little bit quiet. Nonetheless though, I think it’s pretty obvious that the market is bullish of this point, and as a result I have absolutely no interest in selling this market under any circumstances, at least until we close below the $102 level which would be a massively bearish move.

Looking forward, I think that we will essentially staying within the range that we have been in, and it’s going to take a move above the $107.50 level to go much higher. Once we get that move though, I believe that this market goes to the $110 level, and possibly even higher than that. Remember, there was an ascending triangle below that we broke out of at the $105 level, which of course should send this market much higher based upon the technical analysis.

I still maintain a $113 target.

I still believe that this market will go to the $113, and quite frankly it wouldn’t surprise me the when higher than that. After all, the measurement from the ascending triangle suggested that the market was going to go to $113, and there is a cluster in that region on the longer-term charts that could offer a bit of resistance. Ultimately, I think we do go above there and head towards the $115 level, but this of course is a longer-term prediction.

I believe that any pullback in this general vicinity should find buyers below, and using short-term charts for entries is probably going to be the best way going forward. However, as I mentioned above if we find are celebrating below the $102 level, something that I don’t anticipate, that would be a massively negative sign and could send this market much lower.

Crude Oil 7214

Related Articles
  1. Personal Finance

    Top 10 Most Valuable Sports Teams in 2015

    Cleats, pads and profits: we take a look at the top 10 most valuable sports teams in the world.
  2. Fundamental Analysis

    What Causes Inflation in the United States

    Inflation is the main catalyst behind U.S monetary policy. But what causes this phenomenon of sustained rising prices? Read on to find out.
  3. Chart Advisor

    3 Ways to Trade the Rising Volatility

    With volatility increasing in the markets, many are turning to these three volatility-capturing exchange-traded products.
  4. Credit & Loans

    Millennials Guide: Buying Your First House

    Millennial homebuyers need to research a lot of things, such as how much to pay, down payments, PMI, FHA loans and special programs for first-time buyers.
  5. Term

    Understanding Total Returns

    Total return measures the rate of return earned from an investment over a period of time.
  6. Term

    What is a Prime Brokerage?

    A prime brokerage offers special services to certain clients.
  7. Term

    What is a Preemptive Right?

    A preemptive right allows select shareholders to buy newly issued shares in their corporation before the general public.
  8. Mutual Funds & ETFs

    ETF Analysis: iShares US Basic Materials

    Learn about the iShares US Basic Materials exchange-traded fund, which invests in the equities of chemicals, metals and industrial gas companies.
  9. Trading Strategies

    Stock Trading for Free: Now a Reality

    Believe it or not, you can now trade stocks and ETFs for free. Here's a look at providers offering commission-free trading.
  10. Term

    What are Pension Funds?

    A pension fund is a company-sponsored fund that provides income for employees in retirement.
RELATED TERMS
  1. Implied Volatility - IV

    The estimated volatility of a security's price.
  2. Plain Vanilla

    The most basic or standard version of a financial instrument, ...
  3. Operating Cost

    Expenses associated with the maintenance and administration of ...
  4. Equity Market

    The market in which shares are issued and traded, either through ...
  5. Trade Credit

    An agreement where a customer can purchase goods on account (without ...
  6. Normal Profit

    An economic condition occurring when the difference between a ...
RELATED FAQS
  1. Can mutual funds outperform savings accounts?

    A mutual fund can – and should – outperform a savings account. In most cases, it should not even be a close race. Savings ... Read Full Answer >>
  2. Can mutual funds invest in private companies?

    Mutual funds can invest in private companies, which may come as a surprise to many investors. It is rare for a fund to have ... Read Full Answer >>
  3. How do dividends affect retained earnings?

    When a company issues a cash dividend to its shareholders, the retained earnings listed on the balance sheet are reduced ... Read Full Answer >>
  4. Can my IRA be garnished for child support?

    Though some states protect IRA savings from garnishment of any kind, most states lift this exemption in cases where the account ... Read Full Answer >>
  5. Why is my 401(k) not FDIC-Insured?

    401(k) plans are not FDIC-insured because they are typically composed of investments rather than deposits. The Federal Deposit ... Read Full Answer >>
  6. Can I use my IRA savings to start my own savings?

    While there is no legal reason why you cannot withdraw funds from your IRA to start a traditional savings account, it is ... Read Full Answer >>

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!