Published on 25 Jun 2016
The WTI Crude Oil market fell somewhat significantly during the course of the session on Friday as we got news that the United Kingdom was leaving the European Union. We crashed into the 50 day exponential moving average, which should be somewhat dynamically supportive. In fact, we bounced towards the end of the day so the question then remains whether or not we can get a little bit of follow-through during the day. On the chart, you can see that I have the 50 day, the 100 day, and the 200 day exponential moving averages. At this point in time, the longer-term trend is still to the upside but we need to see some type of bounce or supportive candle in order to start going long. On the other hand, if we break down below the $46 level, I believe we will then reach down towards the 200 exponential moving average, colored black on this chart.