Technical analysis for crude oil – 15 May 2013– The WTI crude oil markets dropped during the session on Tuesday, fell to $ 94.00 . This area was supportive in recent times, as well as resistant. Because of this, I think that this market will take a bit of a break in the vicinity.
However, I think we’re closer to the top than the bottom, as I’ve always said for a few sessions now, and as a result to any support, we see in this close should provide opportunities for sale after the bounce. I think that the level of $ 97.00 is resistance for buyers to penetrate at the top, and as a result we will see that this market will remain fairly range bound over the next few weeks, or even months.
Turmoil and speculation
I think that if we were able to drop from here, you will see a great deal of confusion and a lot of opportunities for speculation. Later on, I think that speculation is to the downside will bear fruit for the next few sessions. If this market rose, I simply wait. Beyond that, there is plenty to do in this market and trade in the long run it is almost impossible at this stage. Add to that the fact that we are heading towards the summer months, which of course is usually a well-defined group.