Oil price technical analysis 19 – March, 2013 – WTI crude markets fell initially during Monday’s session, as the market shook the situation in the banking sector of Cyprus. With the end of the day, it became more obvious that it was not the end of the world, and as a result, increased risk correlated assets again. In fact, oil price especially crude market found support at $ 92.00 level, and in addition to that, he was able to close at a level slightly higher than the level of the session on Friday.
We are currently above the level of 94.00 $, and so I think that we will continue to the level of 96.00 $, which is where I expect the following amount of serious resistance. This area somewhat spongy, all the way down to the level of 98.00 $, so I think we can rise up to the top of that area. However, it will be a messy part of trading, but I certainly think that the risk exists for sure at the top rather than at the bottom.
U.S. dollar Importance
You hold the U.S. dollar in general, if you want to trade in the crude market. With this, the dynamic is not as strong as they were due to the fact that oil demand will improve as the economy improves. U.S. economy improves necessarily. As a result, it is considered one of the strongest economies in the region and people choose to invest in it as a result.