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Published on 27 Jan 2017
The
WTI Crude Oil market fell initially on Friday but found support near
the $52.50 level as we continue to chop back and forth. There are a lot
of concerns when it comes to the oil market right now, mainly due to the
lack of clarity when it comes to demand. While the inventory numbers
keep rising, the market seem to be focusing on the fact that OPEC and
several other countries decided on production cuts. In the end, I think
that oversupply overwhelms OPEC, and we start seeing selling again.
Because of this, I’m waiting to see and exhaustive candle in order to
start selling, but I recognize that in the meantime we are simply going
back and forth and that’s the way were going to have to trade this
market. I believe that the $55 level above is resistance, while $50
below is the bottom of the range.
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