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Published on 24 Jan 2017
The
WTI Crude Oil market had a quiet Tuesday, as we await the inventory
numbers today. We ended up a relatively flat looking candle being
printed at the end of the session, and thus there’s not much to say
about the session itself. However, the inventory numbers lately have
been rather bearish so it will be interesting to see where we go from
here. Currently, I believe that the market is consolidating between the
$50 level on the bottom, and the $55 level on the top. With this in mind
I don’t have any desire to place longer-term trades. I believe that the
market will continue to consolidate but one would have to think that
it’s only a matter of time before the oversupply issue reenters the
mindset of traders around the world.
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