Oil price technical analysis 21 – March, 2013 – Over the WTI crude market a good session on Wednesday, where he continued level of 93.00 $ to provide some sort of support. With this, I believe that the oil market will be limited in scope during the majority of the summer, and I suppose that that band is formed. Most often, this market is limited to the scope, which is very technical in nature. For this reason, we tend to see these bands made up for several months at a time.
By looking at the chart above, I think it becomes more obvious that the level of $ 96.00 will be resistance zone. I do not know if they will be active resistance or simply the beginning of the resistance on the way down to the handle $ 98.00, in any case, the see that the level of $ 90.00 seems very supportive at this point, is supposed to continue to provide power reactionary for the price every time approaching him.
Fed boosted that he would keep the policy adapted somewhat in the near future, and this, of course, gives accreditation to high commodity and the depreciation of the dollar. With this, these current times are not normal, as the U.S. dollar generally achieves, while the commodity is doing its job sector.
” We are in the middle of the road between the level of 96.00 $ and 90.00 $. In other words, I do not see strong support or resistance apical now so that they are strong enough to move the market. I think that a lot of this intermittency that we see around the handle 93 is the result of the mid-point of the biggest consolidation formed. Mostly, you will see the central region as an active area for the price, as it is an area “fair value” from the point of view of the market. However, I think that we need to move this market by a few dollars in a directions before getting on the movement of price negotiable. In the meantime, it is assumed that the market will continue to provide good trading traders to short periods, but must be a speculator in the best of cases to do so.