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Published on Sep 25, 2016
The
WTI Crude Oil market initially tried to rally during the day on Friday
but turned around and fell rather significantly. As we broke through the
$45 level, you have to believe that the sellers are starting to get a
little bit more emboldened. At this point in time, I believe that the
$43 level continues to offer significant support, but we will break down
below there eventually. Quite frankly, this is a descending triangle
that is just waiting to break, or at the very least a descending
channel. I believe that once we break down below the $43 level, the
market will really start to turn extraordinarily negative. At this point
in time, I believe that anytime we rally in a short-term chart, you
have to be looking for exhaustive candles in order to take advantage of
what is starting to become a relatively decent negative move.
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