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Published on 4 Jul 2017
The
WTI Crude Oil market did very little during the session on Tuesday, as
the Americans would have been away for Independence Day celebrations.
The $47.50 level above is resistive, as it has been both support and
resistance recently. Ultimately, some type of exhaustive candle should
be a selling opportunity, as the market will then go looking towards the
$45 level after that. The $45 level should be massively supportive, so a
bounce from that would not be a surprise. Alternately, if we can break
above the $48 level, I think the market could continue to go higher,
perhaps reaching towards the $50 level. The market is most certainly
very negative, and I think that the oversupply of crude oil will
continue to be an issue in the market. The market continues to struggle
longer-term, and the most recent move is probably more indicative of a
relief rally.
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