Published on 6 Jul 2017
The
WTI Crude Oil market initially tried to rally during the session on
Thursday, as we had a stronger than anticipated withdrawal of crude oil
inventory announced. However, I think that the market will eventually
break down below the $45 level, and when it does it’s time to start
selling again. The jobs number of course will have an influence on what
happens with the oil markets as it influences on the US dollar. The
stronger the US dollar, typically the more pressure that we see in this
market. The $42.50 level is my next target, and if we rally from here, I
think that signs of exhaustion should be selling opportunities as well.
I have no interest in buying this market, and I believe that the $47.50
level above is massive resistance.
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