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Published on 19 Dec 2016
The
WTI Crude Oil market went back and forth during the day on Monday, as
we are entering one of the least liquid times of the year. I believe
that the market will continue to see volatility in the short-term,
mainly because the majority traders will not be interested in risking
any serious amount of money during the holidays. The candle shows just
how lackadaisical the market is, but I believe that the market has real
support below at the $50 level. That’s an area where I feel the market
will find buyers, and supportive candles should offer buying
opportunities. The $54.50 level above continues to be the resistance,
and probably extends all the way to the $55 level. Ultimately, I believe
that the next couple of sessions will be very choppy and stay within
this consolidation area overall.
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