-
Published on Aug 31, 2016
The
WTI Crude Oil market fell significantly during the course of the
session on Wednesday, as the Crude Oil Inventories number came out much
more bearish than anticipated, as demand seems to be slipping a bit.
Because of this, the market broke down below the $46 level, and then
eventually the $45 level. Ultimately, the market looks like it’s going
to reach down to the $43 level. Any rally at this point in time on a
short-term chart is likely to be prone to exhaustion, and at that point
in time we should see sellers jumping into the market as the bearish
trend should continue. This will be especially true once the volume
comes back into the market and therefore I think that the sellers will
return given enough time. Pay attention to the jobs number though,
because the Friday session could be very influential as well.
No comments:
Post a Comment