Technical analysis for crude oil – 18 April 2013

Technical analysis for crude oil -14 June 2013

WTI crude market fell during the session on Wednesday, as breaking below the level of $ 87.00 level, you can see that we are in the subsequent day, we continue to decline and breaking below the level of $ 86.00  will not be a surprise and it will be very Descending.

watch the opec

Have not gotten to that stage yet, but it’s a matter of time before it starts OPEC complaining about the price of oil. My expectation that we will process a big breakthrough at this point, and I am surprised as fast as revealed by the commodity space. There are fears of deflation now, and as long as this exists it possible to see large defeats for commodities in general. In that case, we will see continued weakness not only in the WTI market but on the gold, silver and all other commodities.

I think that there will be rebounds from time to time, but these defections will most probably be opportunities to sell in the future. This will be particularly true when we get to below the level of 85.00 $, which will change the overall mood of the market as a whole. We are now approaching the hottest months, and therefore we will try to find the kind of scale, sooner or later, but in the meantime, it seems that we will get somewhat active market.

There was a small decline in oil inventories in the United States during the announcement on Wednesday, but frankly, it was not enough to move the market in a positive way. Demand for gasoline and crude oil has begun to decline, and is bad for buyers.