WTI Crude Oil
The WTI Crude Oil market has found quite a bit of selling pressure during the day on Thursday, as we continue to see a lot of volatility in the market, but we also see a significant amount of consolidation. The $67 level underneath is massive support, so I would not be surprised at all to see some type of bounce from there. If we get it, then I am more than willing to take a short-term long position. I believe that we are currently consolidating between the $67 level on the bottom, and the $69 level on the top. With the jobs number coming out today, it’s likely that we will continue to see volatility.
Brent
Brent markets initially tried to rally on Thursday as well but found enough resistance near the $73.50 level to turn around and fall towards the $73 handle. That is an area that is short-term support, extending down to the $71 level. If we break down through $73, then I think it’s a slow grind down to 71. I also see a massive amount of support at $70, and of course the uptrend line underneath. Because of this, I am waiting for a buying opportunity, so we will have to see how things play out before we put money to work. I think that the jobs number of course will have a massive influence on the US dollar, which by extension has a massive influence on what happens in commodities in general, with Brent of course not being any different than the others.