Technical analysis for crude oil – 17 April 2013

Technical analysis for crude oil -14 June 2013

Crude oil market fell initially during the session on Tuesday, reaching its lowest level at $ 86.00 . With this, we have received a significant of rebound  at that level and we closed below the $ 89.00 level directly with the end of the day. , oil price is exactly where you want to see it to buy due to the expected hummer oil price will do.

I think that the oil markets generally sold overload. Although we do not necessarily follow the Brent oil, it must be said that there is a perfect hammer in the Brent market focused on the level of $ 100.00, and is an important psychological level all Almaian. In other words, it looks as if the market will rebound as well.

Ricochet
Ricochet is the most important term at all in these particular circumstances. The reason is that I do not necessarily expect to see the beginning of some kind of market here strong bullish, but I think that I will see some kind of rebound, perhaps down to 92.00 $ in the short term. For this reason, the stop-loss point that will put them will be relatively narrow, but I do not think that we have we moved away quickly. When you get on top of such movements, there is almost always some kind of harsh reaction to it.

With that case, I would be willing to buy when breakthroughs to just above the $ 89.00 level in this market, and I am willing to target the nearly $ 3 on trading. This share is large enough to make this a viable trading, as the market performance was somewhat good. With regard to the sale, I find it difficult to find a reason for that, at least up to go down to below the level of $ 85, which I see as a major support area. If this level is breached, it is possible to see a decline in the oil markets. With this, I find it difficult to think that OPEC will allow it, and they will start to cut production in order to increase prices.