The WTI crude market passed by a strong session on Wednesday, where we landed at the outset, but buyers entered the market and sending it to the top. Interesting thing about this chart is the fact that we were able to close in the middle of the noise directly on the way to the top and down to the level of 98.00 $. Candle formed a hammer, and that may be a strong upward signal at the top of such movement, and show that there is a large pressure up, and a break above the heights will make ore market target level of 98.00 $ and maybe even higher.
Alternately, the penetration of the bottom of the hammer will make them form a “hanging man”, which is a very regressive signal, showing that buyers are coming out and that the market began to decline. With this, the suspicion is that any decline in the crude market should be a buying opportunity, even with the rise in the value of the U.S. dollar, the oil has done a good job. And is something that needs attention to it well.
The scope of the spring?
Can we prepare the scope of the spring term in the crude market, and it is something that happens a lot in the oil markets, and as a result, this market is one of the market’s favorite technical and people like me. I believe that in the end we will see higher oil prices, but the time was not yet ripe. I think that the level of $ 100 per barrel will be a kind of cover for this market, in fact, I think that even the level of 98 $ will be a kind of extension.
At the bottom, I can see the level of $ 90 as a very supportive level, and as a result, I think we are trying to form a kind of range between $ level 98 and level 90 $. Will be ready to stretch all the way to $ 100, but not thereafter. If we manage to reach the level of $ 100, it will refute the theory of scale. Therefore, I will now look for further strength in the short term, but when you think about the coming sessions, we should get some kind of supporting bollards which are something that can be sold.