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Published on Jul 27, 2016
The
WTI Crude Oil market initially tried to rally during the course of the
session on Wednesday, but found the $43.00 level to be far too
resistive. This being the case, the market fell after that, and as you
can see we crashed into the $42 level. A break down below there should
send this market looking for the $40 level below. I believe this does
happen, and any rally at this point in time should offer an exhaustive
candle on short-term charts that we can start selling. The 200-day
exponential moving average above pictured in black should continue to
attract long-term sellers into this market as well. Keep in mind that
the US dollar is strengthening, but we are running out of demand when it
comes to crude oil.
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