Technical analysis for crude oil – 5 June 2013 — Over the WTI crude pair slightly positive session on Tuesday, as we continue to move below the $ 94.00 level directly. This area is a major resistance area on the charts for a short period. The bigger picture in this market is the fact that the $ 92.00 level in the form of support level and $ 97.00 level in the form of a resistance level. I feel that this market is trying to use this summer range, but frankly, we must wonder about the real situation of supply and demand in this market.
This market will be vulnerable to the dangers of the headlines, and of course this will be the case in the future. The biggest risk headlines now of course is the announcement payrolls report sectors non-farm payrolls due on Friday, and the figure good issued in this report on the Bureau of Labor Statistics is possible to move oil prices higher, with the traders assuming this means that we are in if we set more employees in the United States, that there is an increase in demand for energy in the form of office buildings, factories and transportation, of course.
Intermittent exposure conditions
Oil passes in a state of complete chaos now and some time ago. That’s why I started focusing more on market, simply because there is no real movement marked on the market . This is because we are entering in the slower times of the year ( summer time), although it is one of the highest demand periods during the regular year. The reason for this is mainly that the majority of traders adults are either already away from their desks, or are preparing to go on holidays. Markets tend to act very tenacious during this time period, and as a result, the retention of the longer-term trading is one of the things impossible.
Neutralize all the factors, I think we will try to pay for higher during the short term. However, trading on the break above the level of $ 97.00 is an act Ohakma at this point, and from my point of view, it is possible to be made according to one of two possibilities: either to become the headlines of the Middle East is very bad, or that the numbers payrolls report sectors non-farm from the United States is much higher than expected.