Oil Analysis (2015.03.19)
The light sweet crude markets gapped lower at the open on Wednesday, testing the $42 level at one point. By doing so, the market looks like it is ready to continue to go lower overall, and that we are almost assured of going to the $40 level. We believe that bounces should continue to offer selling opportunities, and that the $45 level should be resistive. We also believe that the market will continue to have massive pressure upon it, and based upon the consolidation that we have just broken out of, we believe that this market is now heading to the $35 handle.
Because of this, we have no interest whatsoever in buying this market, and believe that oil is going to continue to offer selling opportunities over the next several weeks at the very least. The US dollar continues to strengthen overall, and as a result that should apply pressure in a market that quite frankly isn’t seen as been in demand.
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