Technical analysis for crude oil – 08 May 2013 — Over the WTI crude market somewhat passed by a negative session on tuesday, where oil continued to lack the upside movement, losing the ability that we have seen over the past three days. Bollards on Friday and Monday seem unstable at best estimate, but I see strong support at the $ 95.00 level. In the front, I think that this market is trying to get rid of the relegation power and start racing again, but until we get a close below the $ 95.00 level will be somewhat hesitant in taking a short position in this market.
On the other hand, there is a possibility that we could continue to rise. If that happens, I think that the resistance area near the $ 98.00 level is supposed to control this market. In fact, I think that that area stretching all the way up to $ 97.00 level, and that can be seen of course on monday which had fixed price for the second day in a row.
At the bottom, I think that, the support level will be at $92.50 , and is supposed to continue to maintain this market rise somewhat. However, there is stronger support at $ 90.00 level as well. In the front, I think that this means that we will continue to see intermittency in this market, and this is logical, of course, as we approach the summer months, which is slow for traders.
Specific scope, and I do not think that this scope will change soon
I think that this is limited to the scope of action will continue through the majority of the summer, and it will prevent any kind of shock to the system by any news. Most likely that if we do what we have seen something that will be from the Middle East, where we see a lot of possibilities for escalation, which can be up to a military conflict in the region. like Israelis bombed Syria, and telling Americans that there is a red line has been crossed through the use of chemical weapons, there is the probability of military expansion of the conflict that we see in Syria during the past two years. But beyond that, I do not see any catalyst for oil prices make them rise to the top.