Published on 8 Jun 2017
The
WTI Crude Oil market had a volatile session on Thursday, going back and
forth several times. We ended up forming a bit of a hammer, and this
hammer sits on top of the psychologically important $45 level. Because
of this, I would not be surprised at all to see some type of bounce, but
that bounce will more than likely only be met with significant selling
pressure. Given enough time, I believe that the markets will find the
$47 level to be too much to overcome, and therefore I’m looking to sell
in that general vicinity. I believe that the markets will continue to be
extraordinarily volatile, but more than anything else: bearish.
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