Oil price technical prices 20 – March, 2013 — Over the WTI crude market had a difficult day on Tuesday, as the trades are far from risk entered into markets around the world. For this reason, there was heavy selling in the oil markets, and this included all the oil markets, not just crude WTI market. For this reason, we got a big shock in the market, and made the U.S. dollar significant gains against the euro.
With this into consideration, it makes sense to drop the value of contracts for WTI
Where you need to fewer dollars to buy a barrel of oil. Movement was great and for this reason, I am hesitant about taking a long position in this market now. I can see that the level of $ 94 provides significant resistance, and it now appears that this level will be a big obstacle in front.
Decline in the market so far to the extent that it penetrates the bottom of the hammer was formed on Monday, which was to be a very negative signal. I still think that we will eventually settle down in a kind of deliberative range, perhaps between the levels of 90 $ and 96 $, but the markets are very volatile now for stability from my point of view.
Unfortunately for traders to WTI, the majority of the movement was the march by the city “Nicosia” small Mediterranean, where the world follow what is going on in the Cypriot Parliament. Since Cyprus may not vote in favor of the so-called tax, which wanted Altrukia imposed on deposits in Cypriot banks, there is a certain size of uncertainty in the oil market, of course, led to many traders tension.
For this reason, I expect that in the oil market will continue to be relatively choppy and as a result, I think that it is better to step aside and wait until the market settles somewhat before entering it. Could be harsh when oil markets are intermittent in these movements, and the smart money is standing aside. This is exactly what I intend to do in the coming days, and therefore I will wait for some kind of candles that look stable or a solution to the problems in Cyprus prior to entering into the market.