Technical analysis for crude oil – 7 June 2013 — WTI crude market rose during the session on Thursday, where penetrated the level of $ 95.00 during the session, but it eventually fell and closed at $ 94.65 that day. Payrolls report awaited non-farm sectors in later in the day, it is likely that we see a good size of volatility in the market. However, I am still at full belief that we are stuck in the scope of deliberative at this time, but most likely that there would be somewhat regressive tendencies. Seems that the $ 92.00 level provides great support, and $ 97.00 level appears as a resistance level.
Market at “fair value” almost, so I think that the area was recently sticky. I think that the scope of the summer may determine the most likely at this time, and as a result, this market will be appropriate for short trades at best. Lateral movement in this market should continue, but as I said, I think that there is a kind of downward trends due to the slowdown in economic activity around the world.
No long-term trades
This market proved to be significantly intermittently prevented him from maintaining any trading operation for a period longer than one day. In that case, I think that the time table is a table that must be considered, and at that point, you can simply sell at $ 97.00 level, and sell for $ 92.00 level. Between these two levels, it is not recommended to do a lot, as there is a lot of support and resistance levels, which may cause small in this market volatility.
Do not underestimate the impact of the report of the salaries of non-farm sectors as well, where this figure gives hints on whether there will be a greater or lesser consumption of energy in the United States, which is, of course, will be a major crude oil in general. In that case, stay out of the market during Friday’s session might be the best way to be followed, where we most likely will see all kinds of re-pricing, not only for risk, but also for growth.