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Published on 23 Mar 2017
The
WTI Crude Oil market initially tried to rally during the day on
Thursday but then fell as we drifted towards the bottom of the overall
consolidation area. This is a market that is stuck between $50 at the
top, and the $47 level on the bottom. Ultimately, this is a market that
will continue to be choppy but I believe in the longer-term downside.
Ultimately, I believe that this market will break down to the $45 level,
but currently we have a lot of moving pieces. We have recently had a
significant breakdown, so perhaps a little bit of consolidation is
needed in order to build up more downward momentum. I would be very
surprised if we can break above the $50 handle, and therefore look at
this as a “sell the rallies” type of marketplace.
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