Table of Contents
Affiliate Disclosure
Affiliate Disclosure 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.

Crude Oil Price- Oct. 11, 2013

The WTI Crude Oil markets rose during the session on Thursday, bouncing off of the support area that we see at the $101 region that has been so supportive lately. This is simply a continuation of the supportive area that we've seen for a couple of weeks now, and as a result I think that this market will continue to grind in a somewhat sideways manner.

That being said, I feel that this market is ready to continue the consolidation that we've seen for some time now, and as long as we remain above the $100 level, I see absolutely no reason to short this market. However, if we did get below that area, I would be very bearish of the WTI Crude Oil markets, as it would be a breach of significant support and the breach of a large round psychologically significant number.

Janet Yellen could be bullish for oil.

Janet Yellen being named the next Chairperson of the Federal Reserve will certainly be negative for the US dollar, and as a result it would not surprise me at all to see this market bounce over the next several sessions, and grinding higher. However, I do think we need to get above the $104 level, because that area is somewhat resistive, and as a result we need to see a daily close above that before we see the next leg higher.

That being said, if we get above the $104 level, I think that we had towards the $108 level with relatively little issues. That being the case, I think that this market is a "buy only" market, and as a result I think that the market will bring him quite a few buyers in this general vicinity, mainly because of the fact that the area has been so supportive over the last two weeks. If that's the case, then there's a good chance of their time this market falls, short term charts could be used in order to find supportive candles on the small time frames in order to take advantage of which should be a nice move higher.

Crude Oil Price 101113

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