-
Published on 2 May 2017
The
WTI Crude Oil market fell significantly during the session on Tuesday
as we continue to see quite a bit of bearish pressure in this market. We
are sitting just on a decent uptrend line, and we did bounce from it
during the trading day. It now looks as if the $47 level will be the
last and of the buyers. We are below the 200-day exponential moving
average, and a breakdown below the $47 level should open the way for the
market to reach down to the $45 handle. I believe that any bounce at
this point is probably going to end up being and I selling opportunity
on signs of exhaustion, and would be surprised to see this market break
above the $50 level. Until it does, I have absolutely no intentions of
buying.
No comments:
Post a Comment