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Published on 30 Jun 2017
The
WTI Crude Oil market broke above the $45 level during the day on
Friday, testing the top of the shooting star from Thursday. The shooting
star from Thursday is a very negative sign, and it is also on the
50-day exponential moving average. If we can break down below the bottom
of the Thursday candle, the market should then go down to the $42.50
level. This is a market that continues to suffer from oversupply, so I
think selling is the only thing you can do. Even if we can break above
the top of the shooting star, I think that simply waiting for and
exhaustive candle is how to go forward, and I am very bearish in this
market. Simple patience will be needed to take advantage of the massive
downtrend.
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