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Published on Aug 10, 2016
The
WTI Crude Oil market initially tried to rally during the day on
Wednesday, but turned right back around to form a very bearish candle
after forming the shooting star on Tuesday. By doing so, it looks as if
the oil markets are getting ready to roll over significantly, and I am
short of this market already. We should continue to see this market
reach towards the $39 level, and at this point in time I believe that
short-term rallies are simply going to be nice selling opportunities. I
think that the $43 level will continue to be very resistive, just as the
200-day exponential moving average, pictured in black, and as a result I
am “sell only.”
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