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Crude Oil Price- Dec. 17, 2013

The WTI Crude Oil markets have a positive session on Monday, breaking above the $97.50 level for the close. As a matter of fact, we went as high as $98, but stopped abruptly and turned back around as the area showed itself to be far too resistive. With that being said, I believe that this market is going to pull back, but regardless I do not think that you can sell this particular market at this moment.

Ultimately, I believe that this market is going to continue to consolidate, and because of that this will become a short-term traders market for the foreseeable short-term future. This is because we are approaching the end of the year, and therefore liquidity will start to disappear from the marketplace. Think about it: if you were a large firm, would you be one team to put on risky positions this late in the year? Probably not.

Sideways grind, between now and New Year’s Day.

I believe that we will continue to see a bit of a sideways grind between now on the New Year’s Day holiday, if not a little bit later than that. Because of this, there’s really no longer-term position that I’m willing to take, but I do recognize the fact that somewhere near the $95 level, there should be a significant amount of support. Because of that potential support, I believe that buying pullbacks for short-term gains will probably be the best way to go for the next couple of weeks. In other words, I will simply be buying pullbacks for gains that last maybe a day or two at best.

If we did manage to break above the $99 level however, I believe this market would head to the $101 level without too many issues. Alternately, I think that is what’s going to happen, but it would not surprise me at all to see that happen after New Year’s Day, and not before. Getting above $101 seems almost impossible to me at this moment, although that certainly could be accomplished in January if the situation dictates.

Crude Oil 121713

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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