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Published on 17 Feb 2017
The
WTI Crude Oil market fell initially during the day on Friday, but
turned around to form a bit of a hammer. The hammer of course is a
bullish sign, so having said that I think that we are going to attempt
the $54 level again. If we can break above there, we need to deal with
the $55 level above which is massive resistance. If we did manage to
break above there, it’s likely that we would go much higher, perhaps all
the way to the $60 level. Ultimately, we are going to get a lot of
volatility so we can break down below the bottom of the hammer, the
market could reach down to the $51 level. Either way, the oil markets
will continue to be very volatile and difficult to deal with.
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