The WTI Crude Oil market initially fell during trading on Monday, perhaps in reaction to the general “risk off” attitude of the markets after the situation in Turkey. The US dollar strengthening put a lot of negative pressure on the oil markets, but we also have several situations going on at the same time, perhaps giving oil a bit of a lifeline as you can see we have plainly formed a massive hammer. We have reentered the previous consolidation area, between the $67 level on the bottom, and the $70 level on the top. There is a ton of resistance above at the $70 level, extending to the $71 level. At this point though, ... (full story)