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DailyForex
Published on Sep 1, 2016
During
the day on Thursday, the WTI grade of crude oil got absolutely pummeled
yet again. We are approaching the $43 level, an area that could be
supportive. However, I believe the given enough time we are selling off
even if we do rally from here. This is a market that is dealing with the
fact that demand simply isn’t there as I had anticipated previously. On
top of that, it appears that the oversupply problem in crude oil will
last through most of 2017, so a lot of the reason for the rally has just
been undermined. With this, I believe short-term rallies offer selling
opportunities just as a significant break below the aforementioned $43
handle will be.
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