Crude Oil Forecast For March 23, 2017
The WTI Crude Oil market initially fell during the session on Wednesday, but found support yet again near the $47 level. By doing so, it suggests that the market may be comfortable with 5 million barrels build announced during the session on Wednesday, because quite frankly it wasn’t as bad as it could have been. A break below the bottom of the candle for the session should send this market towards the $45 level underneath. Rallies are still selling opportunities above, reaching towards the $50 handle. That is a large, round, psychologically significant number, which previously had been supportive. And exhaustive candle near that area would be an opportunity to start selling yet again. We have seen a massive selloff, and I believe that the uptrend is completely broken now. The $45 handle will of course be the next massive battle.