WTI Crude Oil
The WTI Crude Oil market initially tried to rally on Monday, breaking above the $57.50 level, but then rolled over to break down through that area, to reach the $57 level. I think that this market is looking likely to go lower, as we have certainly seen a significant shift in attitude during the day on Monday. At this point, I think that short-term rallies will be selling opportunities, as the market looks likely to look towards the $56 level underneath. If we were to break above the highs of the day on Monday, that would be an extraordinarily bullish sign, but as I record this looks very unlikely to happen. Crude oil markets continue to be very noisy, and with the lack of volume over the next couple of weeks, they could be a very dangerous way to trade. By using small positions, it’s probably a much safer market to be part of.
Crude Oil Video 19.12.17
Brent
Brent markets went over and reached through the $63 level during the day, showing signs as negativity as well. It looks as if short-term rallies are going to be selling opportunities given enough time, as we show signs of exhaustion. I believe that the market will eventually go lower, and it’s not until we break above the $64 level that I feel that this market is likely to continue to go higher, and to the $65 level. In general, this is a market that continues to be very noisy, but I think that the overall concern of Americans flooding the market will supply will be an issue, also there is a concern about demand in general. As we approach the holidays, liquidity will be an issue also.
This article was originally posted on FX Empire