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Published on 3 May 2017
WTI
Crude Oil markets continued to sell off during the session on
Wednesday, testing a massive uptrend line. This uptrend line meets the
$47 level just below, and because of that I believe that the market will
accelerate to the downside if we can break down below the $47 handle.
At that point, I would anticipate that the market reaches towards the
$45 level. The fact that we closed towards the bottom of the candle
suggests to me that it’s likely to happen. However, I’m not willing to
short this market until we breakdown below the $45 level, which would be
a significantly bearish signal. In the meantime, we could rally from
here but I think that the selling pressure above will continue, and
therefore offer short term selling opportunity based upon failed
rallies.
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