WTI Crude markets fell dramatically during the session on Wednesday, which saw a decrease came to the level of $ 92.00 . Crude oil markets in the United States that there are stocks recorded lower than expected, and therefore this was an Ascending order for oil in general. Due to rebound, we have to form a big hammer.
Hammer closed below the level of $ 94.50 directly. I think that this market is trying to rebound again, and might be heading towards the level of $ 97.00 before everything else. In this case, I think that the level of$ 92.00 began to show himself as a strong support level, and this could be equipped by a deliberative range for the summer.
It is known that Oil market has a tendency to trade in scope during the summer months, where traders are far away from their desks. In this case, the range by $ 5 from $ 92.00 level and $ 97.00 level is not impossible. Mostly, this market is trading in the range by either $ 5 or sometimes in volatility by $ 10 range.
There is an old saying in the world of trading is “Sell in May and go away.” It may be this is something that we prepare oil for. As many of the traders around the world who have the ability to move the market, they will be on vacation. In that case, it is possible that this market becomes choppy and without direction somewhat.
This does not mean that there can be no trading in this market. Frankly, it is possible that this deliberative best opportunity for small traders than any other time of the year. If you have a clear scope of the deliberative and by $ 5 you work it, this makes trading in this market more easily. Simply sells at the top of the range and sell at the bottom. If you look through these charts to get historical data, you will see that this market likes to find this type of domain in which to operate. During the summer time, be it almost mandatory.