Technical analysis for crude oil – 4 June 2013 — Over the WTI crude market a positive session on Monday, based mainly on the decline in the U.S. dollar in general. Really in ironic twist of events, the PMI numbers coming from the United States and contractionary style, and that was a little, raised the value of commodities in general. This was because the people believe that the demand for oil will rise, more than the loss of the U.S. dollar value. Main reason for the decline in value of the U.S. dollar is simply the probability fell of the people that relieves the Federal Reserve Bank of quantitative easing any time soon, and because these numbers are weak. But, before you try to do some kind of long-term hypothesis Based on the above, you should remember that the numbers of non-farm sectors Salaries will be announced this Friday. And although they are not oil-related events, these figures have a significant impact on risk assets in general, and thus the oil as well. What level remains 94.00 $ a vital.
By an over view to the market, I think that the $ 94.00 level is still vital as it is the large size of the resistance. It is clear that these short-term resistance area, but if we manage to overcome, it is assumed that the market is heading towards the handle 95.50 $ relatively easily. Warning bulk of this, of course, is the fact that the salaries of numbers non-farm sectors to come, and thus it is possible to have a fairly quiet market as we approach the date of this important announcement.
Without a doubt, this announcement will determine the direction that will route of the overall market during the next two weeks. It is possible to see a full re-pricing of the U.S. dollar in the event it was a powerful figure. In the end, one of the biggest concerns of the Federal Reserve Bank is the unemployment situation. Certainly we will not be able to retreat from quantitative easing if the jobs numbers are still relatively weak. While I do not expect any change in Fed policy soon, the markets, of course, trying to read the horoscope as it is.