WTI Crude Oil

The WTI Crude Oil market tried to rally during the trading session on Wednesday but gave back quite a bit of the gains as we continue to see a lot of noise just below the vital $55 level. That’s an area that has been both support and resistance as of late, and as we continue to try to change the overall trend, it’s going to take a lot of effort to break through there. However, once the market can get above the $55 level it is likely to continue going much higher and take off to the upside for a larger move. In general, I like the idea of buying dips, with the idea that the 20 day EMA will cause a significant amount of technical support.