The WTI Crude Oil markets rose during the session on Tuesday, testing the $102 level, which was the initial target that I had set. Now that we have touched that area, I feel that it’s only a matter of time before we break above it. Even if we pull back from here, there is a strong possibility that buyers will step in and push this market higher. I especially believe that this is true with the $101 level, and the $99 level. Below there, I think that it is not until we break below the $97 level that I would even consider selling this market, and that does not seem very likely to happen at this point in time.
I believe that ultimately we will test the $105 level, and a break above it. You can see that we are gradually grinding away higher, and it is possible that we are forming an ascending triangle at the moment, which of course would show that the market should go higher.
Upward pressure continues.
I believe that this is a market that the upward pressure should continue going forward. Ultimately, I believe that the market will move to the $110 level, and possibly even as high as $112. However, that’s not to say that the market is going to have an easy time of getting there, and fact I don’t believe that at all. I believe that pullbacks will offer buying opportunities on short-term charts going forward, and as a result this will continue to be a market that short-term traders will take advantage of to the upside. Simply looking for supportive candles on short-term frames will be the way to trade this market as even though it is biased to the upside, the truth is that it’s a short-term trader’s type of market at the moment.
With this, I will continue to be bullish in this market, and I believe that this is a market that you can go to time and time again. This market could be a nice trading opportunity for those of you that prefer short-term moves.
