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Published on 12 Jun 2017
The
WTI Crude Oil market initially tried to rally on Monday, but turned
around just below the 47 handle to form a shooting star. This is a very
bearish sign, showing signs of negativity yet again. The $45 level
underneath continues to be supportive, but I do think that eventually
will break down below there, and looking for the $43 level underneath.
Ultimately, it looks as if the short-term rallies should offer selling
opportunities for those who are quick. The $47 level above is massively
resistive, and it’s not until we break above there that I would consider
buying this market, and even then I would be a bit cautious.
Nonetheless, I believe that the WTI Crude Oil market should continue to
sell off as the oversupply glut should continue into the future.
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