Technical analysis for crude oil – May 13 2013 — the WTI crude oil market continue outlasting market at the level of $ 96.00, as is the case most of the week. However, we will see this market together in order to show the size of extra trading, like what we saw on Friday. For this reason, it seems that the market is in a more progressive than we expected, but in general, I still see this being a very fickle market from my point of view.
For this reason, I stayed out of the market, where there seems to be problems about what is going to happen. However, for those who do not deal with the major commodity markets, it will be an excellent market for his attention in order to learn how to Trading pair U.S dollar / Canadian dollar. It is clear that Canada is exporting more than crude oil to the United States, and thus with the demise wealth of the oil markets, the fortunes goes to the Canadian dollar.
By looking at the market, I can see that there is a large amount of resistance at $ 97.00 level, it’s actually closer to the $ 98.00 level, which starts a significant barrier for crude oil market must overcome itself. In fact, I can see the resistance along the way down to the level of $ 100, and for this reason, I tend more to sell in this market then buying in general. However, the market for a short period indicate that we probably will be trying to move towards that level, which of course opens the idea of buying this market for shorter periods trader.
North America and Brent
WTI crude market tends to focus more on the prospects for North America, and as a result, this market will be stronger than the Brent market in general. For this reason, it is possible that we will get something from Ricochet who are here, but I am having difficulty in ratifying that the level of $100.00 will need any amount of force, as that it will probably scare markets because of energy costs in the United States. Now, everyone focuses on the United States, and therefore focused its market demand.