Technical analysis for crude oil – 19 April 2013

Technical analysis for crude oil -14 June 2013

WTI crude market got a good rebound during Tuesday’s session, where we have seen the market with the breach of $ 88.00 . However, the market is still somewhat weak, as I see it, even though we are sitting on top of a piece is relatively mess was formed during the month of November 2012.

In the front, I think that this market is related to the U.S. dollar more than anything else, and it must be noted that the U.S. dollar still seems strong in general. I think we if we got to move above the $ 89.00 level, it is possible to start buying small trading down to $ 92.00 level, where it is supposed to come back strong resistance to the picture. Will provide the level of 90.00 $ is also a bit of resistance, but in fact, that level is smaller than the above-mentioned region at 92.00 $.

OPEC

But there is a point in time where will  OPEC ministers interfere . while they were unusually quiet recently, but they often interfere with around $ 80 level. And this also applies to the Brent market, when it reaches the level of $ 90.00 , and is not far level at this point. For this reason, you can not ignore the role of OPEC in the equation, and that they could enter the market and causing the kind of risk the headlines. In that case, take a short position on this market may be a great dealing in, instead of being some sort of investment. May take “Sibley” heavy short position when the penetration level of $ 85.00  off, and get profits in the large catch. On the other hand, when you purchase penetration level of  $ 89.00 may be mostly grinding process.