The WTI Crude Oil market rallied a bit during the trading session after initially falling on Tuesday, as we continue to see $71 offer a bit of support. However, the $72 level, and the area just above it, continues to be very resistant. I think that the market continues to be very noisy and difficult, but eventually we will probably break out to the upside as we worry about supply issues and the Iranian sanctions that could cause them.
At this point, I suspect that a move above the $73 level is needed for confidence, then I think buyers would come in and push the market to the $75 handle. However, if we pull back and broke below the $71 level, we would probably find support at the $70 level.
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