Wednesday, June 29, 2016
WTI Crude Oil and Natural Gas Forecast June 29, 2016: DailyForex
Published on 28 Jun 2016
The WTI Crude Oil market rose during the day on Tuesday, as most risk assets got a bit of a boost during the day. With this, it’ll be interesting to see how things play out today with the inventory numbers coming out but it has to be noted that we did break above the highs from the previous session. That’s a fairly bullish sign and the fact that we cleared the $48 level also show signs of strength. The 50 day exponential moving average, pictured in red on this chart, seems to have offered bullish pressure. At this point in time, I think it will be fairly choppy but it looks as if the buyers are starting to step in and assert their will again. A move below the $46 level would be very negative.