-
Published on 3 Mar 2017
The
WTI Crude Oil market bounced a bit during the day on Friday, as the
50-day exponential moving average has offered enough support to give the
market afloat. Given enough time, I think that the market will break
above the top of the range and reach towards the $54.50 level again. The
$55 level above should continue to be resistive, so as we approach that
area I think the sellers will come back into the market. Alternately,
if we can break down below the bottom of the range for the Thursday
session, I believe that the market will reach towards the $51 level. The
$50 level should be supportive as well, but if we break down below
there the market will completely fall apart.
No comments:
Post a Comment