WTI Crude Oil and Natural Gas Forecast January 16 2017: DailyForex

DailyForex

Published on 13 Jan 2017

The WTI Crude Oil market fell on Friday, as we have gotten a little bit overextended. Ultimately, this is a market that should continue to be choppy in general, and as we continue to consolidate I expect a lot of volatility. The $55 level above is resistive, just as the $50 level underneath is supportive. Because of this, expect a lot of back and forth trading, as we come to terms with whether there is an oversupply issue. Personally, I believe there is but the market isn’t entirely convinced quite yet. If we did break above the $55 level, the market should then reach towards the $60 level. Ultimately, the one thing I think you can count on is that this will not be a market for the squeamish.