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Published on Nov 2, 2016
The
WTI Crude Oil market fell during the day on Wednesday, as we have now
clearly broken below the uptrend line that had been supporting this
market. As the Crude Oil Inventories number came out as 14 million
barrels added, it was much larger than expected. Because of this, it is
obvious that the demand for crude oil is decreasing, and they will more
than likely sell this market going forward. At this point, I think that
we’re going to reach down to the $43 level next. Any type of rally at
this point in time should show resistive candles above on short-term
charts that we can take advantage of, as long as we are below the
previous uptrend line as marked on the chart.
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