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Published on Aug 9, 2016
The
WTI Crude Oil market initially tried to rally during the day on Tuesday
but found enough resistance above the $43 level to turn things around
and form a shooting star. The shooting star of course is a very negative
candle and at this point in time I believe it’s only a matter time
before we start selling off again. The 200-day exponential moving
average, pictured in black, gives us an opportunity to take advantage of
what longer-term traders may be doing. With this being the case, I
believe that the oil markets are ready to roll over, and that the market
may possibly be expecting a bearish crude oil inventory number during
the day today. Given enough time, I believe that the market will reach
down towards the $39 level which was the most recent lows.
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