Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
toc-menu-hamburger.png
table of content

Table of Contents

toggle-toc.png

Crude Oil Price- August 28, 2013

The WTI Crude Oil markets rose during the session on Tuesday, as fears over the interaction between the West and Syria continue to rattle the markets. Now that it looks like the Americans may actually have some kind of limited military intervention, oil in all grades got a boost around the markets during the session. What's even more important is the fact that we managed to break to a fresh new high, so it does appear that the market is trying to breakout at the moment.

However, we still have the $110 level to overcome, an area that has significant psychological significance as well as previous support and resistance action. Because of this, it will be difficult to garner whether or not to buy or sell, but I do think that this market is going to go through that level in the short term. However, the market has moved so far in such a short amount of time that it's difficult to start buying up here. In reality, I would be much more comfortable buying this market on a short-term pullback as I believe buyers will step into the marketplace from time to time in order to keep the bullishness going.

Summertime

One minor concern that I do have is the fact that it is the summertime. Because of this, the volume simply aren't in the market, so they can be moved a little easier than usual. With that being the case, I think that it's possible that we will see this as a false breakout later, especially as traders who are more experienced and well capitalize come back to the markets in September. By then, there's a good chance of the markets will calm down, and the professionals will take that opportunity to punish amateurs.

Nonetheless, in the short term I believe that this market will offer buying opportunities, but just for short-term traders. That being the case, if you are short-term trader, start looking towards the hourly chart in order to find trading opportunities to take advantage of this bullishness, however long it lasts.

Crude Oil

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

 

Most Visited Forex Broker Reviews