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Published on 9 May 2017
The
WTI Crude Oil market had a very volatile session on Tuesday, dropping
initially, but finding buyers late in the day. This makes quite a bit of
sense though, because we have the Crude Oil Inventories announcement
coming out. That will have a massive effect on this market, but the
previous uptrend line should now offer resistance as it has so far, as
well as the $47 level. I believe that the rallies at this point should
be nice selling opportunities, but the announcement will probably be the
catalyst for any type of exhaustion. The $45 level underneath should be
the first target to the downside, and then the $44 level after that. I
believe that the overhang and the oversupply should continue to be an
issue in this market.
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