Technical analysis for crude oil – May 28, 2013 — The WTI market fluctuate in yesterday session. In which the memorial day in USA made the american market away. In addition, the British were also on holiday, known as the “spring bank holiday,” hence deliberative sizes were very limited. In that case, I can only look at the market from the perspective way, and try to gather the technical analysis.
You can see that we were in the range since the end of April from $ 92.00 level and $ 97.00 level. This market likes to move back and forth in the technical consolidation, and the fact that we are heading towards the summer months, which will be weaker than usual this year.It is very common to see this market bounces between two digits as a deliberative range , and in the end penetrates and is heading to the area of strengthen . I think we are trying to shape what will be the basis of deliberative range for the month of summer, while the senior traders went to their holidays during the next two weeks.
Seems that this market wants to rebound in the range of $ 5, and despite the fact that this is a relatively narrow range, as this market prefers diversity worth $10.00 , I do not Otfaji of this matter, where there is a lot of wind in both directions economic. There is a large degree of uncertainty in the market, and crude oil markets tend to take the largest share of the impact of ambiguity, where they are direct indicators of economic expansion or contraction.