Will Crude Oil Crack $40 A Barrel ?

Crude Oil Futures---Crude oil futures in the July contract settled last Friday in New York at 45.83 a barrel while currently trading at 44.65 down over $1 for the trading week testing lows we haven't seen since November 2016 as I'm not involved in this market, but I do think lower prices are ahead for the entire energy sector.

At the present time my only energy recommendation is a short natural gas as this complex has oversupply issues that continues to put pressure on prices here in the short term as we are still trading far under the 20 and 100 day moving average clearly telling you that the short-term trend is lower.

The next major level of support is all way down at the 42 level as Rig counts in the United States continue to increase as that is the main problem of increasing supply so if you are short a futures contract stay short & place the proper stop loss as I do think lower prices are ahead.

Gasoline and heating oil are also at fresh contract lows putting pressure on crude oil as there is nothing good or positive to say about this sector at the present time as today's slight rally across the board is just a dead cat bounce in my opinion due to oversold conditions.TREND: LOWER –CHART STRUCTURE: POOR

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