Oil price technical analysis 15-2-2013, Markets did not move much for crude oil during the session on Thursday, it stuck firmly below the level of $ 98.00 which showed stiff resistance. I consider this region as a gateway to the level fo $ 100.00 as an expectation, and to get there will be a strong progressive signal. With this, I can not see how you can go beyond that level through easily.
Obviously we see a support between level of $ 95 and level 98 $. I do not see any reason leads me to think that we are going to do penetration to the downside, as the Fed continues to print dollars and markets continue to try to protect wealth through bidding on major commodities. It also has oil markets additional interest to escalate due to the fact that indicators of global economy improves slightly in different countries.
Also must think that there are concerns in the Middle East, as usual, is the subject of very basic ascending for crude oil in general. For this reason, I think that there will be something the bottom of this market in the near future. I find it difficult to believe that the level of $ 95 will penetrate to the bottom, and even if that happens, I think that the level of 92 $ supposed to be resistant is the other. So I feel that there is some kind of bottom in the market.