Published on 8 Mar 2017
The
WTI Crude Oil market fell significantly during the day on Wednesday, as
we have sliced below the 50-day exponential moving average.
Furthermore, it looks as if we are going to reach towards the $50 level,
and the build of over 8 million barrels announced at the Crude Oil
Inventories announcement suggests that the market may finally be coming
to terms with the fact that the oversupply is a very real issue, and
that OPEC production cuts are not going to fix the issue. I believe that
when we rally, exhaustive candle’s will. On short-term charts that you
can start selling again. Once we break below the $50 level, the market
should pick up momentum to the downside.
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