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Published on 12 Jan 2017
The
WTI Crude Oil markets rallied during the session on Thursday, but
continues to see quite a bit of resistance above. Because of this, I
feel that this market will eventually forming an exhaustive candle that
we can sure, considering that there has been so much consolidation just
above. The $55 level seems to be massively resistive, and with that I
more than willing to short is only an opportunity. However, we break
above the $55 level, the market should then continue to go higher. If
that happens, I would anticipate that the market would reach towards the
$60 level above. Ultimately, this is a market that should show a lot of
volatility because there so many moving pieces, but quite frankly it
appears that the demand is driving, so given enough time I think the
sellers will win out.
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