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Published on 15 Feb 2017
The
WTI Crude Oil market initially rally during the day on Wednesday, but
continues to show quite a bit of volatility. The resulting a shooting
star matches the one that we formed on Tuesday, so I think that it’s
only a matter of time before the sellers get involved and push much
lower. The 50-day exponential moving average just below offers dynamic
support, but I think that it’s only a matter of time before we reach
towards the $51 level. I think that the market continues to chop around
over all, as we have some traders focusing on OPEC production cuts,
while the others are focusing on the oversupply and massive amount of
inventory that the United States and other countries have.
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