Market Holding Above $50.00, However…
Yesterday, sellers brought the market back down following the trade above $53.65 based on the March contract, which was the high of January 16th. This is typical trading range behavior for a weak market. I would expect choppy trading still to be the action going forward.
The 5-minite bar chart of the crude oil the SnapTrader attached. We can see sellers have come in when the market traded above $53.70 and buyers stepped in near $53.35 so far today.