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Wednesday, 2 November 2016

WTI Crude Oil and Natural Gas Forecast November 3, 2016: DailyForex

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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