The WTI Crude Oil markets initially fell during the day on Tuesday, but as you can see found enough support to bounce and form a bit of a hammer. With that hammer, it appears that we are going to go higher again. Even though we keep falling, the truth of the matter is that there is enough action just below as far as buying is concerned that it’s difficult for me to feel comfortable selling this market. It’s not until we get below the $99 level that I would consider doing so, so this point time I still feel that this is a “buy only” type of market.

If we managed to break above the $102 level, I think that the market will then head towards the $105 level, and then possibly the $107.50 level after that. The market will then break out above there and head to $110, but at this point time I feel that the next couple of days will probably be fairly quiet, simply because of the nonfarm payroll announcement coming out on Friday.

Slightly bullish, yet difficult.

I see this market is been slightly bullish, but obviously it has been choppy for some time. You can see that we continue to go higher, but certainly we don’t do so in a very smooth manner. Every time we do rise, we get the market slamming straight back down. I think that this will continue, someone than likely this is going to be a market that’s much easier to trade on short-term charts than longer-term ones. However, if we have a decent nonfarm payroll number, it is likely that this market will continue to go higher at this point in time as it would show a potential catalysts for more demand.

On a move below the $99 level however, I would be a seller as this market should then head to $97, and the $95. However, I still think that there is enough going on below current levels to suggest that buying is the only thing you can do in this marketplace.

Crude oil 73014

Related Articles
  1. Financial Advisors

    Becoming an Advisor: Why You Should Shadow a Pro

    Meeting with financial advisors and following them during a workday will help you to know if it’s worth the time and effort to make the career switch.
  2. Financial Advisors

    Paying for College: Top Ways to Budget and Save

    Saving for your kids' college education can be complex and expensive. Here are some popular vehicles that help perpetuate college funds.
  3. Financial Advisors

    Financial Fraud: 6 Tips to Avoid It

    A good financial planner should work with you and for you. Ensure you are paying attention if you don't want to be the victim of fraud.
  4. Stock Analysis

    Why Facebook Will Never Charge User Fees

    Understand why Facebook is unlikely to ever charge users; the site's business model of leveraging free users to charge advertisers is highly profitable.
  5. Financial Advisors

    HSAs and FSAs: How to Decide Between Them

    FSAs and HSAs are both excellent ways to help cover a portion of medical costs with pre-tax dollars. Here's how to decide between the two.
  6. Financial Advisors

    When to Develop a Client Mental Capacity Checklist

    Dementia and Alzheimer’s disease aren't uncommon for elderly clients. Here's how advisors can create a plan for when mental capacity becomes an issue.
  7. Retirement

    How Much Money Do You Need to Retire at 56?

    Who wouldn't want to retire early and enjoy the good life? The question is, "How much will it cost?" Here's a quick and dirty way to get an answer.
  8. Retirement

    The Best Strategies to Maximize Your Roth IRA

    If a Roth IRA makes sense for you, here are ways to build the biggest nest egg possible with it.
  9. Investing

    In Search of the Rate-Proof Portfolio

    After October’s better-than-expected employment report, a December Federal Reserve (Fed) liftoff is looking more likely than it was earlier this fall.
  10. Personal Finance

    Is An Ivy League Degree Worth It?

    In 600 B.C. Aesop determined that a bird in the hand was worth two in the bush. Warren Buffett claims that this axiom can be used to determine the most valuable uses of capital. In this article ...
  1. Are secured personal loans better than unsecured loans?

    Secured loans are better for the borrower than unsecured loans because the loan terms are more agreeable. Often, the interest ... Read Full Answer >>
  2. Is Israel a developed country?

    Israel is considered a developed country, although it has substantial poverty and large income gaps. The International Monetary ... Read Full Answer >>
  3. Can personal loans be included in bankruptcy?

    Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case ... Read Full Answer >>
  4. How many free credit reports can you get per year?

    Individuals with valid Social Security numbers are permitted to receive up to three credit reports every 12 months rather ... Read Full Answer >>
  5. Is the Wall Street Journal considered to be a conservative publisher?

    The Wall Street Journal is controlled by Rupert Murdoch via Dow Jones Publications, which in turn is owned by Murdoch's News ... Read Full Answer >>
  6. Is Spain a developed country?

    Spain is a developed country. Nearly all organizations that analyze development status classify it as such. Spain has a strong ... Read Full Answer >>

You May Also Like

Trading Center