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Published on 6 Jun 2017
The
WTI Crude Oil market initially fell during the day on Tuesday, but
found the $47 level to be supportive enough to turn the market back
around. The market continues to be very volatile and choppy, and having
said that it’s likely that we will probably continue to try to go
higher, but the $50 level above for me is massively resistant. We get
the Crude Oil Inventories announcement coming out today, and that should
cause quite a bit of volatility in this market. Ultimately, I think
longer-term we have more bearish pressure than bullish, but we may need
to bounce a little bit to build up the momentum to break down.
Obviously, the announcement will have a massive effect on this market,
and if it disappoints, that could send this market much lower in very
short order.
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