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Published on Nov 3, 2016
The
WTI Crude Oil market fell significantly during the day on Thursday, as
we continue to see bearishness. We have broken down below the bottom of
the hammer, and that of course should send the market lower. I think at
any point time now; with we get a short-term rally it could be a nice
selling opportunity. In fact, I have no interest in buying this market
until we break above the previous uptrend line, which is something that
doesn’t look like it’s can happen anytime soon. A break down below the
bottom of the range during the day also sends this market down to
perhaps the $43 level. This downtrend that we have seen recently is
getting a bit long in the tooth, so I wouldn’t be surprised to see a
bounce but that should only offer selling opportunities at higher
levels.
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