the daily chartist

WTI recap for 01.02.2016

published 4 years ago
WTI Daily

Crude Oil had its time to take a breather and the dreams of a new bottom were shattered as finally OPEC confirmed that they will not make an emergency meeting on a plea from Russia and other non-OPEC members until June when they will asses the situation further after the Iranian Oil takes its time to "arrive" an the price starts to feel its supply. 14 months have passed since OPEC started its attack on Shale and Alternative energy producers and now it is showing that is working with Shale business in the US taking hits. But at what cost...

 On the technical side WTI currently will try to brake $31.36 before going for 29.57  and 27.68. There is a potential for Oil to fall towards the range of 23-25 and hold around 26 until June where OPEC will have their meeting. Sell every correction, go with the flow, short Oil is now the only 100% sure trade to catch, backed by strong fundamentals.