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Published on 14 Feb 2017
The
WTI Crude Oil market rallied significantly during the day on Tuesday,
bouncing off the $53 level. The market then reach towards the $54 level
above, but pulled back slightly. With the inventory numbers coming out
today, I believe that the market will continue to pay attention to
oversupply, but at the same time we have people paying attention to the
OPEC production cuts. Because of this, it’s likely that we will see a
lot of back and forth and the 50-day exponential moving average level
has been supportive. Ultimately, I believe that this market continues to
go back and forth but eventually the sellers get involved. Once the
sellers push lower, I think we will reach towards the $51 level, and
then reach down to the $50 level. A breakdown below there, the market
should continue to go much lower. However, if we break above the $55
level, then we could reach towards the $60 handle.
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