Oil market fell significantly during the day on Friday, breaking the bottom of a shooting star from the Thursday session. It looks as if we are ready to continue the consolidation that we’ve seen recently, and as a result we believe that this market is going to drop back down to the $29 level. Rallies at this point in time will be looked at with suspicion, and should be selling opportunities.

It is not until we break well above the $40 level that we would consider buying this market, and that of course isn’t going to happen anytime soon. Ultimately this is one of the most bearish markets out there, so we believe it’s only a matter of time before we sell off every time we rally.

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