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Published on 2 Mar 2017
Oil
markets fell significantly during the Thursday session, reaching down
to the 50-day exponential moving average. The market has been struggling
with the OPEC production cuts and the oversupply happening at the same
time. It looks likely that the sellers are going to continue to press
the issue, but we would need to see a continuation of the negativity to
start selling again. Were essentially in the middle of the consolidation
area, so it’s unlikely that it’s going to be an easy move lower.
Rallies at this point should be sold off though, so I would be looking
for short-term rallies that show signs of exhaustion in order to get
short of this market yet again.
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