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Crude Oil Analysis- Dec. 4, 2013

The WTI Crude Oil markets took off to the upside during the session on Tuesday, breaking well above the $97 handle by the time the market closed. Now that we have broken not only above the $96 level, but the gap as well, I see this market going much higher. Unfortunately, I think that oil will continue to be bullish, which of course is a necessarily good for the consumer. However, for the trader, they will find opportunities, and I believe that the $96 level should be supportive. On any type of pullback, and would not hesitate to buy supportive looking candles in that region as we should get a move up to the $100 level before it's all said and done. Expect a little bit of trouble at $98.50, but at the end of the day, this market is bullish.

OPEC see strong demand.

Crude Oil Analysis- Dec. 4, 2013

The oil ministers from the OPEC meeting suggested that they still see plenty of demand for crude oil at the moment, and this may have been a little bit of a floor in the market. Quite frankly, this market has been sold off to drastically for my liking anyway, and as a result I think that this market is getting a long overdue bounce. The real test will come at the $101 handle, which is the beginning of massive consolidation to the $104 level.

A daily close above the $101 handle suggests to me that we are going to try and get to the $104 level, as a simple return to that consolidation. Regardless, I would not short this market right now based upon the fact that the move has been so impulsive over the last couple of days, and we did in fact seem to have a little bit of accumulation near the $93 handle, which is looking more and more obvious to me. Ultimately, I think this market goes even above the $104 level, but it's got quite a bit of work to do in order to make that particular sign of strength happen in the interim.

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.

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