WTI Crude Oil
The WTI Crude Oil market rallied a bit during the day on Thursday, breaking above the $45 level. Ultimately, looks as if we are starting to roll over, so if we can close the day below the $44.50 level, I am a seller of a market that should continue to show longer-term bearish pressure. Recently, we have seen a nice rally, but I think that a lot of this is short covering at best. I think that a breakdown below the $44.50 level continues to attract selling pressure, and that should send the market lower, perhaps down to the $42.50 level. Even if we really from here, I have no interest in buying this market, it is certainly oversupplied, and that should continue to be an issue longer-term.
Crude Oil Forecast Video 30.6.17
Brent
The Brent market rallied during the session on Thursday, reaching towards the $48 handle. The $48 handle of course show signs of resistance, and if we can break down below the $47.50 level, and more importantly the $47 level the market should be rolling over to go much lower. That of course is a selling signal, and I believe that the oversupply of oil continues to be a massive amount of bearish pressure. I don’t have any interest in buying this market, and this of course is a nice opportunity to search shorting if we get the right signal. This could lead to a nice roll over, but quite frankly I can see this market going all the way to the $50 level before changing any type of trend. Buying is certainly not something that I’m willing to do in the current environment, as I believe this is a short-term phenomenon at best. Sellers will almost certainly return rather soon.
