WTI crude markets passed upward session again on Friday, after the decline began. The market closed below the $ 92.00 level directly, and as a result we are facing huge resistance area. With this, this is just a moment in time and in the end are supposed to see higher prices.
Based on the movement on Friday, I think that this was a reaction to the fact that the payrolls report non-farm sectors of the United States is much better than expected. Thinking goes that whenever there were more appointments, the greater the need for industrial fuel.
In the front, I think that it will be a little cautious wait to get down, of course, if we were able to have direct access to over $ 92.00 level, and through the piece that directly above it. With this, I think it’s just time before they form a good support area between 90.00 $ and the level of $ 96.00, which is the next serious resistance point.
Supposed to begin oil demand to rise in the United States, and the WTI contract is a contract of oil, which affected mainly the largest U.S. demand cycle. For this reason, would not be surprised to see a latent demand for this item. With this into consideration, it will be interesting to see consolidation between weekly jobless claims in the United States and this decade. I think that traders are trying to Espqgua oriented demand, and this may be a good way to solve short positions in the Top directly.
Level of 90.00 $ at the bottom contains a lot of support beneath him, and for this reason I do not think that the market will fall more than handle 90.00 $ much if there was some kind of great economic event, which will pay about trades fear again. The fact that the U.S. dollar gets power worked against the value of oil recently, but in the end, is supposed to be a temporary thing, as the U.S. dollar to achieve profits because of economic power more than normal trading fear. Must begin demand better for WTI, but it will be spotty for a period of time and stops narrow loss will be important because of it.