WTI Crude Oil Technical Analysis
The light-sweet crude market has rallied a bit during the early hours on Friday. It looks like we are trying to recover. The Thursday candlestick ended up being a hammer right at support, so this all ties together for potential consolidation. Ultimately, I do think this is a market that bounces, but I also recognize that things are going to be very noisy for the time being.
So therefore, you need to be somewhat cautious about getting overly aggressive with your position size. Nonetheless, I do like the idea of perhaps taking advantage of the short term pullbacks as a potential buying opportunity in the general area that we are at right now. I think there is significant support underneath near the $70 level that you need to be paying close attention to also.
