WTI Crude Oil Forecast: Market Fires Off Supportive Candlestick
market right now, a simple imbalance of supply and demand. In order to quench that, quite a bit of an increase in supply will be needed. Probably more than what we will see anytime soon. Looking at the candlestick, it looks as if we are forming a hammer, which is a good sign, but if we can break above the top of this hammer then we will test the highs of the Thursday candlestick. Breaking that opens up $120, followed by the $130 level.
If we turn around and break down below the bottom of the candlestick for the session on Friday, then it is possible that we could go looking towards the 50-day EMA underneath, which is an indicator that a lot of people pay attention to and has been historically important more than once. The uptrend line that sits just below there also offers support, so it looks as if the market will be very noisy and supported no matter what happens.
Anticipate a lot of noise, but that noise should almost always push you more towards the upside than down.
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