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Published on 20 Jun 2017
The
WTI Crude Oil market breakdown during the day on Tuesday, as we
continue to see significant amounts of various pressure. The day today
features the Crude Oil Inventories announcement, and that of course will
have a significant amount of influence on this market. The market will
react to that announcement, and any assigns of oversupply should
continue to work against the value of this market. However, we are a bit
extended to the downside at this point, so I think that it is likely to
be a scenario where rallies could appear. However, I think that the $45
level above should be resistive, so I’m looking for some type of
exhaustive candle to start selling. A breakdown below the bottom of the
candle should also show that the downward pressure is increasing, and
that should show an impulsive move to the $40 level being possible.
However, I do prefer selling rallies.
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