Wednesday, June 22, 2016

WTI Crude Oil and Natural Gas Forecast June 22, 2016: DailyForex

Published on 21 Jun 2016
The WTI Crude Oil market initially fell during the day on Tuesday but found enough support just above the $40 level to turn things around and form a hammer. That of course is a positive sign, so we can break above the top of the hammer I believe that the market will continue to grind its way higher, perhaps trying to continue the longer-term uptrend. Ultimately, pullbacks will continue to be very important as they represent value in this very bullish market. I believe that given enough time we could break out, but if we end up making a “lower low” at the $46 level, that could be the beginning of a very negative move. Ultimately, the market looks like it is going to be very volatile in the short-term, so having said that it’s likely that short-term charts will probably be the best way to go.

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