Tuesday, July 5, 2016

WTI Crude Oil and Natural Gas Forecast July 5, 2016: DailyForex

Published on 4 Jul 2016
The WTI Crude Oil markets did very little during the day on Monday, as American traders were away for the holiday. However, it does continue to show a bit of bearishness, and I believe that we are going to continue to drift a little bit lower. Ultimately, the market should try to reach down to the $46 handle, which of course is a supportive “floor” in this market. A break down below there would send this market much lower. Any rally at this point in time should be a selling opportunity and less of course we can make a fresh, new high, something that could be a bit difficult. A break above the downtrend line should be a buying opportunity as well. However, if we break down below the $46 level, this market should fall apart completely.

No comments: