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Monday, 10 July 2017

WTI Crude Oil and Natural Gas Forecast July 11, 2017: DailyForex

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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