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Published on Aug 22, 2016
The
WTI Crude Oil market fell during the day on Monday, as we have finally
exhausted a bit. This essentially makes the Friday candle a “hanging
man”, and the fact that we have such a bearish candle suggests that we
are going to fall to at least the $46 handle. So the short-term, I’m
willing to sell this market again and reach towards $46. If we can break
down below there, I feel that we will then test the $45 handle.
However, at this point in time I have to assume that there is support at
the $46 level that could turn things back around and force me to start
buying again. Short-term though, looks like the sellers are in control.
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