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Published on 10 Jul 2017
The
WTI Crude Oil market was choppy on Monday, as we tried to rally but
found it too much in the way of resistance near the $45 level. I think
if we can stay below this level, the market is apt to continue to fall
towards the 42.50 level. That’s not to say that is going to be easy, but
obviously there’s a lot of bearish pressure in this market. You can see
that we have wiped out a majority of the rally that had happened
previously, and longer-term it seems as if every time this market
rallies, the sellers will come back in to push lower. I believe that
crude oil continues to suffer and oversupplied environment, and I don’t
have a scenario in which I believe that oil suddenly takes off to the
upside.
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