Matt_Feda
Short

$WTI - Refiner Outages Approaching, P Action around $42.5 Key

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
Using $42.50 as a support level, a bounce off that level would be considered bullish , but if prices fail to hold, a return to $37.50 seems probable. This implies a negative 200 day SMA cross, which suffice it to say, would be a return to the bearish int term trend. This, in concert with a low energy demand season approaching and several refiner outages expected in coming months, which would imply further inventory builds to already record levels.

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