-
Published on Aug 1, 2016
The
WTI Crude Oil market initially tried to rally during the day on Monday
but then turn right back around to slam into the $40 handle. With this
being the case, it looks as if the sellers are going to continue to be
very interested in this market. I think we could get a little bit of a
bounce off of the $40 level, but given enough time I feel that bounces
will offer selling opportunities on signs of exhaustion as we are most
certainly in a negative trend. On top of that, it looks as if the 50-day
exponential moving average could very well cross back underneath the
200-day exponential moving average. That of course is a very negative
sign. Ultimately, that should bring in longer-term sellers yet again.
No comments:
Post a Comment