WTI Crude Oil
The WTI Crude Oil market broke down during the trading session on Wednesday, slicing towards the $64.33 level again. If we can break down to a fresh, new low, the market should continue to go even further. I think that the $66 level above continues to be resistance, I think that it’s only a matter of time before we break down towards the $63 level, as it is much more important in the past. I think that if we can break above the uptrend line and the $66 level, then things change. But right now it looks likely that the bearish pressure will continue.
Brent
Brent markets broke down a bit during the day as well, slicing through the $75 level. By doing so, we have cleared a psychological hurdle for the sellers, and I think that the market should go to the $74 level. If we break down below the $74 level, the market should go much lower, perhaps reaching towards the $72.50 level after that. The market breaking down below the $74 level and making a fresh, new low is a very bearish sign and I think we would see an increase in the momentum to the downside. If we break above the $76 level, the market would then go to the $78.50 level. Because of the last several days though, I do believe that we are more than likely going to go lower.