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Published on 29 Mar 2017
The
WTI Crude Oil market rallied during the day on Wednesday as the Crude
Oil Inventories announcement was “less bad” than originally expected.
However, I still see a significant amount of resistance at the $50
handle so I’m waiting to see if we can get an exhaustive candle that I
can start selling. That would give us an opportunity to start shorting a
market that has been very consolidated. On the other hand, if we manage
to break above the $50 level on a daily chart and close more important,
then I believe that the market will continue to go higher. Ultimately,
this is a market that should continue to be very choppy and volatile.
However, it should be noted that the Crude Oil Inventories announcement
was still a positive build.
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