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Published on Nov 29, 2016
The
WTI Crude Oil market fell during the day on Tuesday, wiping all of the
gains from Monday. Because of this, looks like Reagan continue to be
very volatile, and this market will probably be difficult to hang onto
for any real length of time. I think that the bearish pressure will
probably take over given enough time, because quite frankly we have far
too much in the way of oversupply. I think rallies offer selling
opportunities going forward, and with that being the case it’s likely
that resistive candles will be the catalyst to start selling after those
short-term bounces. The oversupply issue will continue regardless of
OPEC cuts, because so many countries that are producing oil now have
nothing to do with that cartel.
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