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.

Crude Oil Price- Dec. 13, 2013

The WTI Crude Oil markets tried to rally during the session on Thursday, but you can see that just above the $98 handle we ran into enough resistance to push the market back down and form a shooting star. This shooting star signifies that we may have a lot of trouble going higher, but I can see a significant amount of support at the $97 handle. Because of this, I don't think that the market is going to make any massive moves in the near-term, but even if we do break down I will look at this as a buying opportunity, especially as we get closer to the $95 level.

I believe that the $95 level, and possibly a little bit higher than that, will bring out a lot of buyers. The gap that once kept the market down, should now offer a supportive area, and because of this, I think we will see value investors come back into play.

End of the year lack of liquidity.

We’re getting close to the end of the year, and that always brings and a lack of liquidity. As far as the markets are concerned. Because of this, the moves could be a little bit a rag in this marketplace, but I do ultimately believe that we are still heading towards the $101 level. That area will be significant resistance based upon the fact that it was such significant support previously, but ultimately this market should look fairly positive. This will become exacerbated if the Federal Reserve looks less and less likely to taper off of quantitative easing, or perhaps in reaction to better US economic numbers.

After all, there is the possibility that the economy simply looks better, and therefore demand for oil should rise. However, at this late date in the year, I am not expecting any type of surge in one direction or the other. With that being said, I am mildly bullish of this market, but do recognize the fact that a pullback could be coming.

Crude Oil Daily

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