Published on 27 Jun 2016
The WTI Crude Oil market did try to rally during the course of the day on Monday, but found the $48 level be far too resistive. In fact, we turned right back around at that level and formed a bit of the shooting star. That shooting star of course is negative, and as a result it’s likely that we will see some type of continuation to the downside. We have the 50 day exponential moving average now acting as potential resistance, along with the aforementioned $48 level. At this point in time, I believe that if we can break down below the bottom of the range for the day on Monday, this market will more than likely reach towards the green 100 day exponential moving average below, and then possibly even the 200 day exponential moving average on the chart pictured in black.