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Published on Sep 14, 2016
The
WTI Crude Oil market fell significantly during the course of the day on
Wednesday, as the bearish pressure continues. Quite frankly, I believe
that this market does fall given enough time, so therefore I am looking
for short-term rallies to fade on signs of exhaustion. I believe that we
will try to reach towards the $40 level given enough time because
demand simply is not going to be there. IEA estimates that we are going
to have continued lack of demand and more importantly oversupply well
into next year. I am a seller only, have no interest whatsoever in
buying this market. With this being the case, I have to admit that I
believe $40 will be significant in the sense that it is a large, round,
psychologically significant number.
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