Technical analysis for crude oil – 5 March 2013

Technical analysis for crude oil -14 June 2013

WTI crude markets fell during the majority of the session on Monday, but as we can see, just got a big rebound with the end of the session. This form hammer, and as a result there is a potential buying opportunity. Sure, the market in a descending pattern, but there is certainly room for a rebound at this point. Level of 90.00 $ area was referred to in the past, and I expected to see support come to the arena. This is one of the things that I love about this market, the fact that it is very technical.

This setting raises my interest because of the many other markets. Gold market seems to be trying to find some sort of bottom, and “Aldicksa” or U.S. Dollar Index seems ready to retire. For this, it seems the pair AUD / USD and like will form a hammer for this session, showing potential weakness of the U.S. dollar. With this, I do not think necessarily that the U.S. dollar will decline for a very long time, and I think that the movement needs to decline, and this is supposed to be the commodity of Ricochet, before they enter the more downward movement to the scene. Although I see potential consolidation area down to the level of 98 $, I suppose that this movement in the short term only.