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Published on 19 Jun 2017
The
WTI Crude Oil market initially tried to rally on Monday, but found
enough resistance at the $45 level to turn things around and break down
significantly. Towards the end of the day, we found ourselves just above
the $44 level, so I think that it’s only a matter of time before we
reach towards the $43.50 level underneath. That’s an area that should
cause a bit of support, but once we breakdown below their ethical free
to go down to the $40 handle. Short-term rallies continue to be selling
opportunities, and I believe that there is no way to buy the crude oil
market right now, because quite frankly the oversupply issue continues. I
believe that a cell on the rallies type of strategy is probably the
best way to go for the near future.
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