Tuesday, February 11, 2020

WTI Crude Oil
The WTI Crude Oil market has rallied a bit during the trading session on Tuesday, breaking back above the $50[mcx 3560] level for a sign of strength. That being said though, there is a ton of noise between here and $52.50,[mcx 3750] so it’s difficult to imagine that the market is simply going to break out to the upside from here. If it did break above $52.50,[mcx 3750] then it’s likely that the market can go towards the $55 [mcx 3920]level. Furthermore, if the market breaks down to fresh, new lows, then it should open up the door to the $47.50 [mcx 3380] level, and then eventually the $45 [mcx 3200] level after that. Ultimately, this is a market that is suffering at the hands of the coronavirus and of course the oversupply issu :


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