Crude oil prices rallied during yesterday’s session leading to a test of around 51.00. It seems that in the vicinity of this level more sellers were gathered and strong resistance stood at 51.50.
As every first Friday of the month we wait for the payrolls report. Due to this publication many analysts warn against increased volatility during today’s session. In the case of oil, this may mean a good market opportunity.
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However, some experts believe that the oil market is now tired and that it might need a correction. So far, WTI has been consolidating at these levels, which makes the final direction of the market unknown. Personally, I admit to the strategy of a wise guru. He stated that if you do not know what to do in the market, dont do anything. The best way is to wait for the publication of today’s payrolls and connect to the trend after the first nervous reaction of the market.