Start Trading Now Get Started
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- Sept. 24, 2013

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

The WTI Crude Oil markets fell during the session on Monday, but remain elevated enough to stay in the consolidation area that we've seen recently. The $102 level has been supportive, and I still believe that will be the case going forward. That being the case at this point time I believe that this market is ready to have a little bit of a bounce, and that is somewhat of a "low risk" type of trade. Going forward, I feel that this market will more than likely stay between the $102 level, and the $108 level for the most part.

On top of that, there is a significant amount resistance all the way to the $110 level, where a move above that level would be a massive breakout. A move above there has is looking for much higher levels, probably the $115 handle, if not the $120 handle.

Consolidation is the key

I believe the consolidation will be the key to this market. Because of this you will have to start buying in this general vicinity and aim for about six dollars’ worth of movement. With that being the case, I feel that the market is a good short-term buy, and selling is going to be almost impossible here. Certainly, if we managed to break below the $102 level, we more than likely will find ourselves testing the $100 level. At that point time though, I would expect quite a bit of support.

Ultimately, the value the US dollar will have a great effect on this market and because of this I have some hope for the buyers. In the end though, and markets will do what they do, which of course is frustrate as many people as possible. Eventually we will break out of this market, but in the meantime I feel that this market is a decent range bound trade for those of you who prefer hourly chart or the like. In fact, it has been that way since the beginning of summer and a lot of people made a lot of money trading that exact way.

Crude Oil 92413

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews