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Published on 10 May 2017
The
WTI Crude Oil market exploded to the upside during the day on Wednesday
after the Crude Oil Inventories announcement came out much more bullish
than anticipated. However, the uptrend line that had previously lifted
the market is now acting as reasonable resistance. Because of this, on a
move below the $47 level I will not hesitate to start selling. After
all, we have longer-term headwinds to deal with. Alternately, if we can
break above the $48 level, it’s time to start buying as we should then
go fishing towards the $49 level, and perhaps even the $50 level.
Regardless what happens I would expect to see a certain amount of
volatility. Oil market should continue to be very risky, so exercise
caution and proper position sizing.
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