Over the WTI crude positive session on Tuesday, where oil broke back above the $ 89.50 level. This movement indicates that we will see upward continuity in this market, and it is very possible to see a move towards the level of $ 90.00 during the session or the next two sessions. And this is also expected on the back of the idea that risk assets in general and looks like you get some kind of support.
By looking at the market, I can see that the Australian dollar seems as if it gets the kind of support, as is the case with the gold markets. I can also see that the Brent market seems ready to rebound and as a result, I think that there are enough reasons that push to think that money will flow in major commodity markets during the next day or two.
In the front, I think we will eventually find the range in this market, but you insert a time table in order to show that we are already trying to hack out. It also appears that the $ 90.00 level is in a deep significance, and as a result, it is possible to refer to more buying. At the top, I could see a large volume of resistance at $ 92.00 level, and I think that this is the reason that makes this movement will continue for a few sessions only. In fact, I think we can see enough of the resistance at the top to start selling again.
Shrinking? Who needs him?
One of the biggest debates on key commodity rise is the idea of deflation in the United States and other major economies. However, the central bank will act to ensure that everything will be greatly magnified. By doing this, you will put pressure on the paper work and as a result, it is possible to see the major commodities gains in general. In the front, I fully expect to see volatility in all commodity markets, not only in this market.
We are approaching the very beginning of May, and is the time it comes out a lot of traders in the holidays. For this reason, I think we are close to finding scope for the summer. Now I think that we will see the level of 85.00 $ as a support level while resistance is supposed to be close to the $ 95.00 level during the summer. As a result, it is likely that I will spend some time in trading in the range.