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Published on 25 Jan 2017
The
WTI Crude Oil market initially tried to rally during the session on
Wednesday, but turned around to form a less than stellar looking candle.
Because of this, I believe that the market is going to continue to
consolidate overall. The $51 level below is massively supportive, and it
extends all the way down to the $50 level. Alternately, the $55 level
above is massively resistive. Ultimately, I think that this is going to
continue to be quite a bit of a back and forth type of situation.
Because of this, options may be the best way to trade this market but
either way it’s going to be a lot of short-term trading in the meantime.
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