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Crude Oil Price- March 20, 2014

The WTI Crude Oil markets fell initially during the session on Wednesday, but found enough support at the $90 handle in order to turn things back around and form a hammer of sorts. I believe that this hammer signifies what I have been thinking for some time now, that this area will simply continue to be consolidation, and a move above the immediate area should signal that the markets going to go higher. Quite frankly, I would feel much more comfortable above the $100 level if I was going to start buying, and at that point in time I would anticipate the market going to the $103 level, albeit slowly.

I see quite a bit of noise between the $101 level and the $103 level. Because of this, I believe that short-term traders will continue to buy into this marketplace, and lift the market time and time again before finally breaking out above the all-important $103 level. The $103 level breaking higher would have the market heading to the $105 level. This is an area that will have even more resistance as far as I can tell, and as a result I think that it will be a pullback waiting to happen, but at the end of the day I think that we even go above the $105 level.

A positive day on a day that also saw the US dollar go higher.

The markets rose eventually during a day that saw the US dollar go much higher. This was based upon the Federal Reserve suggesting that the interest rates short-term related would be 1% by the end of the year next year. With that, I feel that this market will continue to go higher since it couldn’t even selloff during a day that saw the US dollar so strong.

Because of this, I believe that ultimately the oil markets will continue going higher, simply because we have a perfect situation for the oil markets to start falling. However, we could not do it, and as a result I think that this market continues to go higher and I have no interest in selling it at all.

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.


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