Technical analysis for crude oil – 29 April 2013

Technical analysis for crude oil -14 June 2013

WTI crude market fell during the majority of Friday’s session, but as we can see, bounced back from the $ 92.00 level, forming a hammer. This hammer is located in the area that I find interesting, as they may be trying to indicate $ 92.00 level now acting as a support level. In that case, it is possible to find ourselves trapped between $ 92.00 level being the bottom and $ 95.00 level being the top. And certainly that this will be a strong signal and I think that breaking back above the $ 94.00 level will certainly lead to the orientation of this market is about $ 95.00 level within a short period.

If we manage to get through the $ 95.00 level, I think that the market is  possible to penetrate fully and heading straight towards $ 98.00 level within a short period. However, I expect intermittency in this market simply because of the lack of demand in some areas and the fact that the U.S. dollar will continue to get strength against the majority of currencies in general. Sooner or later, people will be equivalent to this is what is happening in the oil markets, and are supposed to buy a barrel of oil needs to fewer dollars.

Summer Scope

I still say that we try to find a wide deliberative lobe summer in general. In the end, we are not necessarily talking about the market tends to hack mostly outside the strict technical standards. The market tends to significantly strengthening, especially in increments of 10.00 $ and sometimes a little less. This market is known to move sideways and being technical in general, and as a result, sometimes it tends to cause a lot of problems to oil traders, where we are at in the case of intermittent after the big movement.

In the front, I think we probably will try to do to move towards the $ 95.00 level. Whether if we can bypass the need or is it something completely different, and I think that will penetrate markets towards the top in the end and continue to the top much. With regard to the sale, if we could get through the bottom of the hammer at 92.00 $, it will make them the form of a “hanging man”, which is of course very regressive mark.

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