Published on 1 Mar 2017
The
WTI Crude Oil market initially rallied on Wednesday, but continued to
find resistance near the $54.50 level. Extending all the way to the $55
handle, there seems to be a massive amount of resistance in that area.
Today has the inventory numbers coming out of the United States, and
that of course will cause quite a bit of volatility. I believe that the
market will probably pull back slightly from here, and then react
accordingly to the announcement. However, if we manage to break above
the $55 level that might be the easiest signal to take, as it would
suggest that oil markets are broken out to the upside and will continue
to go to the $60 level longer term. Unfortunately, I don’t think it’s
going to be quite that easy. Continued back and forth trading makes this
a scalpers market at best.Live News Channels
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