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Published on 22 Feb 2017
The
WTI Crude Oil market tried to rally on Wednesday, but gave back the
gains and ended up falling all the way down to fill the gap from the
previous session. I think there’s plenty of support below though, so
it’s probably only a matter of time if the buyers get involved. I think
will probably drop from here but expect to see bullish pressure
underneath near the 50-day exponential moving average. Ultimately, the
$55 level above is extraordinarily resistive, so if we can break above
there, the market should continue to go much higher. I think that
eventually the bearish pressure will take over, but in the short term I
think that we still have buyers. However, keep in mind that the Crude
Oil Inventories announcement comes out today and that of course can
throw a monkey wrench in everything.
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