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.
