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Published on 29 Jun 2017
The
WTI Crude Oil market initially tried to rally during the day on
Thursday, but found the area above the 50-day exponential moving average
to be far too resistive. The $45 level continues to be massively
resistive, and we turned around to form a shooting star. That is a very
negative sign, and if we can break below the bottom of the daily range
from the Thursday session, the market should then go looking down to the
$42.50 handle. We are in a longer-term downtrend, so this makes quite a
bit of sense, and I believe that the sellers will of course continue to
take advantage of the overall pressure and of course the oversupply of
crude oil around the world. If the US dollar starts to pick up value,
this market should continue to go even lower.
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