-
Published on 31 Jan 2017
The
WTI Crude Oil market initially fell during the session on Tuesday, and
then broke higher and reached towards the $53.50 level which of course
was resistant. Because of this, I believe that the back and forth type
of choppiness will continue going forward. The market continues to see
buying and selling, as the market overall is trying to figure out
whether the oversupply issue is going to take over the production cuts.
The $55 level above continues to be resistive, while the $50 level below
continues to be support as soon as we breakout of the range, then we
can start placing longer-term trades. Currently, this is short-term
scalping going forward and I don’t think there is much else you can do.
No comments:
Post a Comment