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Published on Nov 4, 2016
The
WTI Crude Oil markets fell during the day on Wednesday, as we continue
to see a serious lack of demand. However, I see a significant amount of
support just below at the $43 level, so I do not anticipate that we will
break down much farther in the short-term. If we rally, I think that is
simply going to be a nice opportunity to sell the WTI Crude Oil market
at higher levels. I believe that the massive uptrend line will continue
to offer resistance now, so as long as we rally I’m looking for
exhaustion to take advantage of. Keep in mind that the recent build in
supply in the United States was almost 14 times what was expected. With
this, I just cannot buy this market I look at rallies as opportunities
here short again.
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