WTI Crude Oil Price Analysis

[Alpha Oil 0]

WTI Crude Oil Price Analysis

Oil is currently bullish, I do not expect such a huge gap up as others are suggesting upon opening as the news was expected and has already been priced in. Slight dip on previous close as people did not want to risk holding their positions over the weekend incase there was bad news to come. I expect oil prices to continue climbing and test the 40.0 Psychological resistance level, can expect a slight pullback as there will be profit taking and seller pressure at this level. I expect oil prices to continue rally up to fill in the gap to 41 and up to the 200 EMA level at 42. I do not expect prices to go much further past the 42 level so I will be shorting at 42 and expect prices to retest 36.5 support level.

[Bob_W + 37]

I was surprised by the run-up to $40 today, just ahead of the contract expiration date.

Is there really storage and/or demand for $40 WTI?