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Published on 17 May 2017
The
oil markets rallied during the session on Wednesday, as we tested the
200-exponential moving average yet again. We got bullish inventory
numbers, but you can see that we got a bit of pushback at that area, so
having said that it’s likely that we will continue to struggle. At this
point, I need to see the market close on a daily chart above the $50
level to feel comfortable buying. That’s not to say that I think we’re
going to fall apart here, I just think that the market is looking a
little bit strange in this area, as you would think the numbers today
could have pushed things much higher. If we break the bottom of the
range for the day on Wednesday, then I think the market goes looking to
the $47 level for support.
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