Technical analysis for crude oil -11 June 2013

Technical analysis for crude oil -14 June 2013

Crude markets fell during the majority of trading on Monday, as tested $ 95.00 level in order to get support again. And has stood the course level, and as a result, Ricochet caused the formation of a hammer on the daily candle. Of course, that this hammer is generally upward, but I have doubts about the region at the top. It is agreed that it seems that we are trying to build pressure for a breakthrough towards the top, but the $ 97.00 level enables resistant in fact more than once.

If we can close above $ Mistooy 97.50, I will be fully comfortable on the long position at that point. But even then, I see lot of probability to go so I do not see calling to wasting Mmala in the market does not move. In the end, you should think about the manner in which they put in the capital markets, and whether they are correct or not markets.

Narrow trend in the market

This market still seems limited in scope now, although I realize the fact that it seems that buyers are putting great pressure on the resistance area. I’m not in this market, and frankly, I do not want to be there. If we were able to reach above the $ 97.50 level, I think that the market will probably move on towards the level of $ 100.00. At that point, I would expect to see a larger volume of resistance, simply because it is full and has a large psychological factor affecting. We will have to wait to see whether that will happen or not, because frankly, there are a lot of areas around the world that are still slow economically.

Sooner or later, you will enter the equation of supply and demand, and in that case, I can not imagine a situation where demand better justify the degree of high oil price. However, I do not necessarily expect to hack down as well. And I expect a choppy market completely, and I will monitor the level of 97.50 $ closely.