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.
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