Technical analysis for crude oil – May 24, 2013 — WTI Crude markets fell dramatically during the last session relatively on Thursday’s session, but we can see that it has improved during the last hours of the U.S. session. This area, which focuses on the $ 94.50 level is determined by the market as “fair value.”It is possible that the market bounces around this area and offers this level frequently.
This is definitely an improved in the market with the approaching end of the day, and this, of course, indicates that we may direction returning to the level of $97.00 . I think that if we were able to reach above the $ 95.00 level, it probably will not happen. The market will be choppy, but this is the case with all commodity markets now.
Its the fault of china
Early on Thursday, the issued flash figures for the PMI from HSBC when the level records less than 50, in a sign that there is some kind of contraction is happening in China with respect to the industry. This has put it, of course, many of the questions on international growth, which in turn of course, ask a lot of questions about the need for oil.
But you can see that a lot of awareness returned to the market, frankly, the Nikkei index lost more than 7%, and that of course was a silly reaction to a little less than 50. For this reason, it has begun a series of reactions from excessive sales operations, but the Americans have begun buying assets in late deliberative session, which led to the stability of global financial markets. For this reason, I feel that this market probably will try to progress, but again, will I need to see a move above $ 95.00 level.