(WCTW) The Bottoming Process Is Underway, But It Will Take Time

On May 13, we published our part 3 of our WCTW titled, "Follow the Process." In the article, we talked about how the oil market correction is coming to an end. Fast forwarding to last week, we noticed that the oil market sentiment was worsening just as the signals turned bullish.

One thing readers should always count on in the oil market is that "price changes sentiment," and in this case, the recent pullback has not only seen financial speculators exit in unison, but investors also turning cautious.

But if you follow the data, you will know that the bottoming signals are here. And based on everything I'm seeing, we should be able to hold $77 to $78 WTI.

There are many reasons why we believe this to be the case. One of them is the global oil inventory draws we see on the horizon.