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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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