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Published on 1 Feb 2017
The
WTI Crude Oil market had a positive session, but remains within the
consolidation area that we have been in for a couple of weeks. I believe
that the market is shrinking, as volatility remains quiet. I think that
the overall consolidation between the $50 level on the bottom in the
$55 level on the top remains though, so it’s not until we break out of
that range that I think a longer-term trade can be placed. In the
meantime, it’s probably going to be a simple matter of going back and
forth, if you feel like scalping. Otherwise, this is probably a market
that’s best left alone into it makes his intentions clear. There are a
lot of moving pieces now, all of which are pointing in opposite
directions. Because of this, expect difficulties.
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