Technical analysis for crude oil – 31 May 2013

Technical analysis for crude oil -14 June 2013

Crude oil markets passed by a positive session on Thursday, where oil price continue to rebound significantly. The daily candle was forming a  hammer-like somewhat, and as a result, it seems that we will be heading back towards the top of the recent consolidation area. I can see that this market is limited to between $ 92.00 and $ 97.00 USD.

I think we could be in this range for a period of time, where the markets are heading towards a recession summer months. It is possible that the scope of the summer will be different from  this range by $ 5 that we have seen over the past few months, and therefore I think that trading in this market will be difficult except for very short trades from time to time.

I think it is an indication of almost USD / Canadian dollar, or perhaps even a pair dollar / Norwegian krone. Will have an impact on oil markets currency markets is greater than the impact of the currency markets on oil markets. This market, of course, will be very exciting if we could hack into outside of this range, but in the meantime, I will be ready to take advantage of this short range of trades and use it to highlight profit that you will gain in other tools recently.

What will push this market to hack in the end?

If we were able to hack into outside of this range, I think that will be a great size for the most part, but until that happens it will be difficult to stick to trading for more than a day or two at most.