Technical analysis for crude oil – April 2, 2013 — WTI crude market downturn initially significantly during Monday’s session, but can also see that the region around the $ 96.00 level formed enough support to make this market bounces back above $ 97.00 and a hammer shape as a result. For me, this is a sign that ore market wants to go up, and in the end we will watch pierce at the area of $ 98.00 .
At the top, I can see a lot of traffic on the way down to $ 100.00, but I do not think that the market will depend on it, if we got over this area that we now face. Over that region, I think that there is considerable resistance facing the market, I feel that the market is ahead of itself at this point. I still think that we probably will see a range between $ 90.00 and $ 100.00 during the spring and summer in North America.
We must keep in mind that this market depends somewhat on growth in North America, and as a result, this may apply to the United States and Canada more than anything else. If there has been a significant of growth in these countries, there will be more demand for oil.