The WTI Crude Oil market found the $60 level to be far too expensive during the week, and we have broken down as a result. By doing so, the market looks very likely to continue to struggle but we are sitting right on top of major support as we finish the week. The $55 level of course is an area that will attract a lot of attention, but I think it’s obvious at this point that the sellers are starting to take control again. After all, the weekly candle has wiped out the previous 3 ½ weeks. I believe selling rallies continues to be the way forward.
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