The WTI Crude Oil market broke higher during the day on Wednesday as it was revealed that OPEC had come to an agreement as far as output production is concerned. The production type should help with some of the oversupply, but ultimately I believe that the oversupply is far too much in the way of bearish pressure to be overcome for the longer term. After all, the higher the pricing goes when it comes to the oil market, the more interested the Americans and Canadians will be as far as drilling is concerned. The $50 level above has offered resistance, and of course the bottom of the uptrend line has as well. Because of this, waiting to see whether or not we get some type of exhaustive candle after a failed break out in order to start shorting. I think there is a significant amount of resistance all the way to the $52 handle.
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