WTI Crude Oil
The WTI Crude Oil market initially tried to rally during trading on Tuesday but found enough resistance just below the $55 level roll things over and start pushing lower. By forming a shooting star, this shows just how soft this market is longer term. I believe that the gap underneath will probably get filled, so it’s likely that we could see a little bit of weakness from here. However, I would anticipate that the $50 level could offer some significant support. Breaking through their would open the door to the $45 handle and would of course be very negative. The alternate scenario of course is that we break above the top of the shooting star, clearing the $55 level. That would be an extraordinarily bullish sign and could send this market towards the $57.50 level.