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Published on Aug 11, 2016
The
WTI Crude Oil market had an explosive session during the day on
Thursday, flying in the face of the resistance that we’ve seen recently.
However, I would be very cautious about going long here, simply because
the 200-day exponential moving average is just above, pictured in
black. Also, the 50-day exponential moving averages just above there and
looks likely to try to cross. This being said, the IEA has released a
report that suggests crude oil production may fall and 2017, which of
course makes sense because we have had lower prices. Ultimately though, I
think this candles jumping the gun a bit, and therefore I’m still
looking for exhaustion to sell at this point in time.
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