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Published on 12 Apr 2017
The
WTI Crude Oil market initially tried to rally again during the day on
Wednesday, but found enough resistance after the bearish inventory never
to turn around and form a rather negative candle. I still see a
significant amount of support below though, so I suspect that there is
probably going to be a buying opportunity below, closer to the $52
level. After all, the markets have been focusing on OPEC led production
cuts more than anything else, and although we still have a glut of oil
longer-term, currently the markets have been focusing on OPEC and OPEC
only. Because of this, I still expect this market will try to reach
towards the $55 level but I would anticipate that there would be a lot
of resistance in that area.
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