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Published on 21 Mar 2017
The
WTI Crude Oil market initially tried to rally during the day on
Tuesday, but the area just below the $50 level offered too much in the
way of resistance for the markets to continue going higher. If we did
break above there, that would be a bullish sign but I believe that the
Crude Oil Inventories announcement coming out today will continue to be
highly influential on this market, as we have seen so much in the way of
oversupply recently. I believe that we will reach towards the $45 level
underneath, which should be supportive. I believe rallies are selling
opportunities and I have no interest in buying.
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