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Published on 4 May 2017
The
WTI Crude Oil market broke down significantly during the day on
Thursday, slicing through an uptrend line that has been important. Not
only that, we breakdown below the $47 level, and that of course is a
reason enough to think that we will continue to reach towards the $45
level underneath. That is an area that should be supportive, but quite
frankly now that we have broken down below the uptrend line, I feel that
we go much lower. Short-term rallies should be selling opportunities,
as the oversupply in oil continues to cause major issues. Buying isn’t
even a thought, I believe that the $50 level will be a ceiling in this
market.
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