Oil price today technical analysis 14-2-2013

Technical analysis for crude oil -14 June 2013

Over the WTI oil market show a negative impact during the session on Wednesday, as it dropped after oil price tried to reach the price of $ 98.00 for the top. If you read the analysis of yesterday, you will see that I mentioned that the level of $ 98.00 being represent potential problems for the buyers, and this seems to be exactly what happened. With this, I simply think that we will stay within the consolidation between the regions of 95 $ and 98 $.
With this into consideration, I think that the decline is supposed to provide buying opportunities at this time, and will be dealt with on that basis. I will be interested in buying at supporting the candle closer to the level of 95.00 $ than it is now. On the other hand, the hack to above the level of $ 98.00 will indicate that the activity back again and I will be forced to purchase at this point as well.

One of the big problems facing the vendors at this point is the fact that the Fed is pumping a lot of dollars. Since this contract is priced in U.S. dollars, the more I said the value of the dollar, the more expensive things denominated in that currency. And this is exactly what is happening in the oil markets, where it has reasons Height multiplier due to the improvement in the industrial sector as well. It is not simply that the Fed is pumping dollars into the market, but we started seeing a small increase in industrial production as well, and hence an increase in industrial demand.

With this into account, the demand does not justify this price itself. For this reason, I think that there is a limit can move up to in this market, and for this reason, I believe that this market will continue to be market traders short periods. For this reason, you must maintain a breakpoint losses and attention to larger levels. Currently, I’m waiting on the margins of what I see a clear chance fell.