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Published on 1 May 2017
The
crude oil market fell during the session on Monday, as traders came
back to work. We are currently dancing around the 200 day exponential
moving average, and dancing just above the uptrend line. That being the
case, it’s likely that the market should continue to find buyers
underneath but if we can break down below the $47.50 level, I think that
the market will reach to the $45 handle. Alternately, if we can bounce
off of the uptrend line, we will more than likely go looking for the $50
level at that point. There are a lot of moving pieces at the moment,
but I believe it’s only a matter of time before the sellers will more
than likely find another reason to get involved, be a breakdown or some
type of exhaustion on a shorter-term chart.
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