Technical analysis for crude oil – 22 April 2013 — WTI crude market swings during the session on Friday, where the welding was around the level of $ 80.25 . This seems to be trying to market consolidation, probably between the level of $ 89.00 and the level $ 86.00 . There is a large amount of noise during the month of November as the last year about these price levels. In a phenomenon known in the memory of this market, will appear mostly support at the same price frequently.
By looking at the level of today, I think it is a large support area, and I do not know if we will go down much more. I think that the level of $ 85.00 will be very supportive, and difficult to overcome by the sellers. In that case, I think that traders enrolled scope will do a good job in this market over the coming weeks or months. Simply put, you can sell at the $ 89.00 level, and buying at the bottom at $86.00 . Of course, that, this matter will be expected on the idea that this consolidation will continue and, of course, will be breaking through to the outside area. In that case, the simple trading in this market is the best way as this market will stay quiet for a period of time.
History does not repeat itself, but sometimes makes harmony
It is quite possible to see the same kind of consolidation for some month as we have seen in the month of November and December of the last year. For this reason, I think that daily trading leech may be the best way in the near future.
But if we got back above the level of $89.00 , I think we will get to the level of $ 92.00, before the fight strong resistance. For this reason, it is possible to take a small long position at this point. On the other hand, if we were able to hack down to below the level of $ 86.00, I think that the level of $ 85.00 will be supportive too, is in the thick area. Below that level, it is difficult to know what could happen, but I expect that OPEC ministers begin to intervene in the market and convert it into the form of an entrepreneur.