The WTI crude oil market have a good session on Friday, with continued upward trends in this market. Market rose during the session, and had to pay a fundamental weakness in the U.S. dollar. Since market prices of oil is priced on the U.S. dollars, it makes sense to see the need for more dollars to buy this item.
Oil price keep the level of $ 94 to act as a resistance level, although I think that this is a low level at the end, where I believe that the consolidation area weighted in the long term will be between $ 90 and handle at $96. This market prefers consolidation, and is very technical in the majority of the time. There is a certain amount of engineering in this market, and I can see a lot of resistance at $ 96, which means that the market is likely to attract there.
There lot of noise in the down below handle $ 90, and for this reason, I think that it is supposed to provide this region enough support to keep the market rises. Bollards, which was formed at the bottom at that level was in the form of hammers, which of course is of ascending oil prices itself. Was a strong move up well, and therefore would not be surprised to see the candle down and form something like meteor. Frankly, I think that this market is about to present buying opportunities.
U.S. dollar and the Fed
Policy Committee meeting federal open market on Tuesday and Wednesday this week may have an impact on this market. Will provide the market a permit will give information on the extent to which it will continue the Fed to stimulate the economy. This could stir the value of the dollar up or down, and is something that will have an impact on oil markets.
I can see adequate support at the bottom to the point where I think that the market will be to have enough buyers at the bottom, and as a result, I think it’s possible to buy candles supportive. In fact, I will be interested even in the purchase of the short time frames, as long as the price movement supporting the form of whole number (like, 93.00 and 92.00, etc.).