-
Published on 10 Jan 2017
The
WTI Crude Oil market initially tried to rally during the day on
Tuesday, showing signs of exhaustion soon after. Because of this, the
market turned right back around to show signs of exhaustion further,
dropping significantly. Because of this, I think today will be an
interesting session for oil, as we get the Crude Oil Inventories
announcement, it’s likely that the traders will react violently to this
announcement. If we get a bearish number, I believe we reach down
towards the $50 level below. That’s an area that should be massively
supportive, so I think in the short-term that’s where were going.
Short-term rally should show selling opportunities, especially on
exhaustive candles on short-term charts. I believe the oversupply issue
is starting to come back into focus.
No comments:
Post a Comment