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Published on Sep 19, 2016
The
WTI Crude Oil market had a very choppy day during the Monday session,
forming a fairly neutral candle. However, the market looks like it is
getting a bit of exhaustion is starting to set in. The $43 level below
is massive support, so I think if we can break down below there we then
can see a move lower, perhaps down to the $40 handle. If we can break
above the top of the candle during the course of the session on Monday,
perhaps buyers will get involved then try to push this market towards
the $46 level. However, I think that any type of exhaustion after a
short-term rally will end up being a selling opportunity. After all,
there are a lot of things out there that are working against the value
of oil at the moment.
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