Technical analysis for crude oil -14 June 2013

Technical analysis for crude oil -14 June 2013

WTI crude market fell initially during the session on Thursday, but could see that he found sufficient support at the $ 95.00 level in order to rebound. Ricochet rose up to the level of 96.50 $, and as a result, the market actually closed at a higher level of resistance that has kept him at the bottom recently. With this into consideration, there is a large volume of direct resistance at the top as well, and I do not feel that there is a lot of space to move the market today.

In addition, this session Friday. And it must be noted that there are a lot of non-traders interested in risk until after the weekend, where they can not interact with the headlines. Despite the fact that Syria does not produce oil, but anything in the Middle East, of course, that could affect oil markets. Also, we have linked to risk assets around the world are sold in a random manner, and is another reason for not trading during the weekend. With this into consideration, I do not expect a breakthrough during the next 24 hours.

Nothing wrong
There is of course the likelihood that penetrate, but I need to see beyond the level of $ 97.50 in order to be convinced of this. Until that happens, I find that this market is very tight to eight degree of purchase. I think that there is a greater risk to the bottom than to the top, at least in the short term. On the other hand, will dominate the labor market, where supply and demand will be the dynamics of prices again.

I think that the daily closing today’s session will be very important for future directions. Especially if we could get a profit during the session, but failed to maintain those profits. I’m still at this point convinced that the $ 92.00 level is the bottom of the Greater consolidation that we are pressing on its peak now. For this reason, if we get some kind of resistance candle, I will be ready to started a short Bodaaat in this market as we approach the summit.