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Published on 9 Mar 2017
The
oil markets continue to struggle during the Thursday session, as the
short-term rally that opened the day turned around and we broke well
below the $50 level. This is a psychological win for the sellers, and
thus I believe we are going to continue going lower. Anybody who’s been
listening to me knows that I’ve been waiting for the breakdown, and this
is it. I believe the market will then reach towards the $45 level
below, but we will get a bounce from time to time. Those bounces are
selling opportunities, and I think that will be the case for some time.
Currently, I have no interest in buying oil, and quite frankly I don’t
understand why it stayed as high as it did for so long.
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