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Published on 26 Jan 2017
The
WTI Crude Oil market rallied on Thursday, as we continue to see quite a
bit of volatility in this market. I still believe that we are
essentially consolidating, and thus I think that the $55 level above is
resistance. The $51 level underneath is supportive, and in the meantime,
I think we will go back and forth repeatedly. This market is asking
itself a lot of questions, including whether there is an oversupply or
helpful production cuts. I believe longer-term the oversupply is going
to become an issue, but currently it appears that the market is willing
to overlook that. And exhaustive candle above should be a selling
opportunity though, but if we break above the $55 level on a daily
close, then we should try to reach towards the $60 level which is even
more resistive.
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