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Published on 30 Dec 2016
The
WTI Crude Oil market fell during the day on Friday, as we continue to
run out of steam. However, it’s the end of the year so it’s difficult to
imagine that there would’ve been a lot of buying pressure on such and
illiquid day, and I believe that the $55 level above will be resistive
going forward. I think that pullbacks will be buying opportunities, and a
break above the $55 level since this market looking for $60. However,
inventory numbers in the United States are on the rise, and of course
the rig count keeps climbing as well, almost ensuring that the
oversupply will continue going forward. With this, I’m waiting for an
exhaustive candle to start selling but in the meantime, I recognize the
short-term traders will probably favor the upside.
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