Technical analysis for crude oil – 04 Apr 2013

Technical analysis for crude oil -14 June 2013

WTI crude markets were in full retreat during the session on Wednesday, as the inventory numbers in the United States, were much larger than expected. For this reason, the market seems to have surprised and falling back directly to the level of $ 94.00. I think that the crude market will now try to be kind of the band, and I’ll probably settle down in the spring.

Seems 98.00 $ now very resistant, and may be the top of the range that I was talking about in the past sessions. The fact that we were able to hack below the bottom of Matarqtin consecutive terms, suggest that we will see a downward continuity, and therefore will deal with any improvements at this point caution. With this, we are currently at $ handle 94.00, and the course looks very supportive to me. In that case, I would expect a little bounce, but simply supposed to provide a good selling opportunity in the next few days.

We need stability
After such a move, you need oil markets mostly to two days to subside. Which doubles this matter is the fact that we have 3 meetings of central banks on Thursday, in addition to report non-farm sectors, which will be issued on Friday. Working jobs numbers in the United States to move the oil market significantly, as it gives a good read on the industrial situation in, United States, where the numbers good for jobs working to raise oil prices, as it means that the industrial sector is improving.

But this is part of what led to the market by surprise inventory numbers that were larger than expected, as it is possible to suggest that industrial demand retreats. In that case, this might be a very Descending for oil, but the situation remains key is that we will Nrtd between 90.00 and $ 98.00 $ in the near future. In that case, I note that the $ 94.00 level is the beginning of the area, which will cause the intermittency.