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Published on 19 Mar 2017
The
oil market simply cannot get out of their own way. On Friday, we try to
break above the $49 level to turn around and form a shooting star just
as we did on Thursday. I believe that the market is currently going to
consolidate, but eventually we will break down below the $47 level and
go reaching towards the psychologically significant $45 level. I have
been bearish on oil for several months now, and it appears that the
market has finally caught up with the idea of oversupply. Now I think we
go much lower and therefore return we rally, signs of exhaustion invite
more selling. With the oversupply and quite frankly glut in oil, it’s
hard to imagine where this market gets its legs again.
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