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Published on Nov 17, 2016
The
WTI Crude Oil market try to rally initially during the day on Thursday
but found enough selling pressure above to turn the market back around
and form a shooting star. The shooting star of course is a negative
sign, and the fact that we formed one on Wednesday also tells me that
this is a market that is going to continue to struggle overall. Because
of this, I feel that the market is going to roll over and perhaps trying
to reach towards the $43 support level again. I believe a break down
below the bottom of the candlestick for the session on Thursday is
reason enough to get short. The oversupply of the market continues to be
an issue, and on top of that we have a strengthening US dollar which of
course works against the value of commodities as well.
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