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Published on 2 Feb 2017
The
WTI Crude Oil market initially tried to rally during the day on
Thursday but found enough resistance above to turn the market around to
form and exhaustive candle. That of course suggests that we are going to
pull back and today being the jobs number in America of course also
adds the possibility of serious volatility. Because of this, I am going
to be a bit hesitant to place a trade, but I think if the recent
consolidation is any indicator, we will more than likely reach down
towards the $52 level. A break above the top of the shooting star,
although bullish, still must deal with a lot of resistance all the way
to the $55 handle. Because of this, I think more than likely will see
some bearishness but volatility will without a doubt be the biggest
feature.
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