The West Texas Intermediate Crude Oil market fell a bit during the trading session on Monday, reaching towards the $70 level. The $70 level is a large, round, psychologically significant figure that a lot of traders will pay close attention to, and it is worth acknowledging the fact that we bounced from a potential breakdown point. The 50-day EMA also sits there, so it makes sense that we would see a certain amount of support and attention there. With that being the case, I think we are looking at a scenario in which value hunters will continue to come into this market and take advantage of cheaper oil. If we were to ... (full story)