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Published on 16 May 2017
The
WTI Crude Oil market initially tried to rally during the session on
Tuesday, but found enough resistance at the 200-day exponential moving
average to turn around and form a shooting star. Ultimately, the market
looks as if it is trying to turn around but we get the Crude Oil
Inventories announcement coming out today, which of course can change
everything. I believe that we should continue to see bearish pressure,
as we have bounced too far in the short amount of time that the buyers
started to take over again. Because of this, I believe that we have a
lot of built-up negative energy just waiting to be expressed. I think
that the $50 level above is massively resistive as well.
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