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Published on 25 Mar 2017
The
WTI Crude Oil market initially rally on Friday, but turned around to
form a shooting star. The shooting star suggests that the market simply
cannot pick up enough momentum to rally for any real length of time.
However, I do see a significant amount of support at the $47 level just
below, which of course is the bottom of the overall consolidation. Once
we break down below there, the market will more than likely go reaching
towards the $45 level underneath, but I do recognize that we could rally
from here. If we rally from here, I believe that a short-term buying
opportunity may present itself, but the $50 level above there should be
the absolute ceiling in this market.
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