-
Published on Nov 11, 2016
The
WTI Crude Oil markets fell on Friday, slamming into the $43 level. This
is an area that has offered significant support in the past, so I fully
expect it to be fairly supportive now. However, we have closed towards
the bottom of the candle and it seems like a breakdown is imminent.
Below the $43 level I believe we will make a serious attempt to reach
the $41 level, and then eventually the $40 level where I think a large
amount of support is to be found. With this, I believe that short-term
rallies will also offer selling opportunities on signs of exhaustion.
The supply of crude oil on the month in the market is so quick far too
strong for any OPEC led cuts to make a significant dent in currently.
No comments:
Post a Comment