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Monday 27 February 2017

WTI Crude Oil and Natural Gas Forecast February 28, 2017: DailyForex

Published on 27 Feb 2017
The WTI Crude Oil market initially tried to rally on Monday but failed again. Because of this, it looks as if every time we reach towards the $55 level it’s probably going to be a selling opportunity. I believe that a break above the $55 level would of course be very important, and would have buyers flooding into this market. Currently though, it does not look as if we have the momentum to get above that barrier, so therefore I continued to short this market on short time frames. A breakdown below the 50-day exponential moving average would be very negative, but we are a long way from doing so. Ultimately, I believe that the market will continue to struggle going forward as the oversupply continues to be a major issue.

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