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Published on Nov 24, 2016
The
WTI Crude Oil market did almost nothing during the day on Thursday, as
American traders were away for the Thanksgiving Day holiday. Ultimately,
this is a market looks as if it is struggling in this area, as the $48
level seems to be a bit of a magnet for price. The $50 level above is
massively resistive, and of course we previously had an uptrend line
that was supportive and is now acting as resistance. Because of this, I
believe that is only matter of time before he breakdown from here and
reach towards the gap below. That gap should get filled, because quite
frankly that’s very common in the markets. On top of that, the crude oil
markets are oversupplied and of course the US dollar continues to work
against the value of them
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