The West Texas Intermediate Crude Oil plunged during the trading session on Thursday, as OPEC announced that it was going to go ahead and continue the schedule of increase production that had been thought out previously. By adding 400,000 barrels per day, a lot of traders assume that the market would collapse. All things been equal, we did initially break down but as you can see, we have turned around to show signs of life again. It is worth noting that the market has turned around to form a hammer, sitting right at the $65 level, right along with the uptrend line that we had previously paid attention to. At this ... (full story)