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Published on 5 Jun 2017
The
WTI Crude Oil market had a very volatile session on Monday, as we
initially broke above the $48 level, but turned around to show signs of
exhaustion as we then broke below the $47 handle. Ultimately, when it up
forming a relatively neutral candle in it looks as if there is a
significant amount of support near the $47 handle still. As I look at
the start, I believe that the longer-term bearish pressure will continue
but I need to see a breakdown below the bottom of the range for the
session on Friday to have me selling. At that point, I believe that the
market continues to show massive downward pressure, perhaps sending the
market down to the $45 level next. Either way, I anticipate that buying
is going to be very difficult to do to say the least. Selling rallies on
short-term charts will probably continue to be one of the easiest
trades in this market, as there is simply a massive amount of various
pressure on an oil market that cannot find its footing.
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