The 'V' shaped rally on the daily chart pattern of WTI Crude Oil surged past the 49 level before correcting and closing below 47.50.
Shorts got squeezed after OPEC's announcement of a meeting in end-Sept. '16 to discuss a possible output freeze. Going by recent experience, OPEC members are unlikely to agree on any cut in output.
Technically, there are bullish and bearish signals on the chart.
Read more at:
https://investmentsfordummieslikeme.blogspot.in/2016/08/wti-and-brent-crude-oil-charts-end-of.html
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