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Published on 6 Mar 2017
The
WTI Crude Oil market initially fell on Monday, but found enough support
at the 50-day exponential moving average to turn around and form a
hammer. The hammer of course is a bullish sign, and the 50-day
exponential moving average tends to attract a lot of attention. If we
can break above the top of the candle, the market should then reach
towards the $55 level. That is a level of considerable resistance is
going to be difficult to break above, and once we do that could send
this market towards the $60 level. A breakdown below the 50-day
exponential moving average should send this market looking for the $51
level underneath. Regardless, expect a lot of choppiness as this market
tends to be very difficult now, because quite frankly there is a lot of
concern when it comes to oversupply, but at the same time there’s a lot
of concern when it comes to OPEC production cuts.
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