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Published on 17 Jan 2017
The
WTI Crude Oil market rallied during the session on Tuesday, but found
the $53.50 level above to resistive to continue going higher. By pulling
back, this suggests to me that we are going to see a bit of a roll over
in this market still, and a breakdown below the bottom of the range for
the session on Tuesday should send this market down to the $51 level,
if not the $50.50 handle. A break above the top of the shooting star
suggests that the market will probably try to reach towards the $55
level above. I do think that were starting to run out of strength
though, so with this being the case I am looking to sell as I believe
the markets are coming to terms with the fact that oil has gone too far.
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