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Published on 14 Jun 2017
The
WTI Crude Oil market initially tried to rally during the day on
Wednesday, but cratered and broke below the $45 level. Because of this, I
believe that we are going to continue to go lower from here. I think
that the next market move will be down to the $43 level, and that the
$45 level could be resistive above. Selling short-term rallies that show
signs of exhaustion might be the way to go. Ultimately, if we can break
down below the bottom of the previous low, the market should continue
to go much lower. The $47 level above should be the absolute ceiling in
the market, but given enough time I think that the market will continue
to suffer at the hands of selling pressure. Ultimately, the market will
continue to look very in general, as the oversupply issue is without a
doubt still front and center.
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