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Crude Oil Price- March 31, 2014

The WTI Crude Oil markets try to rally during the session on Friday, and although we did finish with a positive close, we ended up forming a shooting star as well that is based on the $102 level. Because of this, I feel that the market will more than likely try to pull back in this general vicinity as we approach a significant consolidation area.

The area just above was consolidation during the end of February, and lasted for a couple of weeks. That being the case, the fact that we formed the shooting star only solidifies the idea that the market should pull back from this area, but I think that there’s going to be a significant amount of support down near the $100 level as well. With that, I am not necessarily looking to sell this market quite yet, but would be interested in buying a supportive candle near the $100 level.

Underlying bullishness.

The market has a bit of an underlying bullish tone to it in general, even though there was a larger than anticipated build in light sweet crude inventories this past week. Nonetheless, we should eventually see the pullback as a potential momentum building exercise, as we will need to gather more traders to push through this resistance area. Ultimately, I believe that we will head towards the $105 level, but it probably will take a little bit of pushing to get to that level as there is such a significant amount of clustering just above the $102 level, extending to the $103 level.

Selling at this point time would be risky, but could be done by very short-term traders. I still think that the $100 level will bring in a lot of buyers, as it is a large, round, psychologically significant number and one would have to think that a lot of traders have been caught off guard by this move higher. I believe there’s also a “floor” in this market at the $97 level, so really isn’t until we get below there that I feel comfortable selling because it would show a “lower low” on this chart, thereby confirming a downtrend.

Crude Oil 33114

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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