Oil

Oil continues to move the formation of lateral movement, a little price approaches the lower boundary of the rising channel, and from him I'm trying to catch the northern continuation of the major trend, while still below 92.50, at the break of 93.80 will open another purchase.

http://i47.tinypic.com/33agnz8.png

The Oil is trading in a very narrow range. RSI 14 and Aroon Indicator show the bearish signal. If the Oil breaks below the 50% Fibonacci level will confirms the bearish scenario. According to my chart analysis, I prefer to selling the Oil below 92.25 with target 89.70 and stoploss is above 94.15.

The increasing role of the U.S. as a major energy producer changing the dynamics of energy markets. U.S. oil production continues to increase, and the government predicts U.S. industry can pump more oil 14 percent this year. The use of non-conventional drilling techniques in places like North Dakota and Texas have created an explosion of U.S. production to the point where the U.S. is expected to surpass Saudi Arabia in crude oil production in 2020, according to U.S. government statistics.

Significant expansion of the pipe as the pipe Seaway add 250,000 barrels per day in capacity from Cushing of 150,000 barrels. market has been suppressing the production of West Texas Intermediate and Brent crude oil internationally, under, $ 18 since September.

American Petroleum Institute data released to production of 2.36 million barrels in gasoline stocks to 7.93 million barrels. U.S. oil production, already high at 15-years old, is expected to increase to 7.3 million barrels per day in 2013. It is also expected to further increase production to 7.9 million barrels, in 2014. EIA estimates that Brent may fall to $ 105 next year and to $ 99 in 2014, from 2012

U.S. refineries are at historically high levels for this year and the price of production, may fall to its lowest level this year amounted to $ 3.10 per gallon. In AAA, the national average price of $ 3.30 per gallon for regular unleaded gasoline, up slightly from the $ 3.29 a week ago, but down from $ 3.47 a month ago. The hope is that this year will increase to $ 3.70.

Oil has already found a buyer about a red slip and away from the opening of the U.S. session with a little momentum moved north, now the price is close to a strong mark - the upper area of fractals (Resistance 93.80) is a breakthrough in order to buy another one I expect.

Time frame- H4
the price level 94.11 is good resistance. if we look in day time frame there we can see a doji pattern this may be a signal for reverse the trend so if the price level 92.69 is break we can short this and can hold till 91.50
Today(10-1-13 ) pivot point are-

Resistance 3- 94.59
Resistance 2- 94.11
Resistance 1- 93.64

Pivot point- 93.16

Support 1- 92.69
Support 2- 92.21
Support 3- 91.74

Oil worked fine retreat from the bottom line of the ascending channel and reached a new week high and then began a slight corrective movement to the south in the area of ​​93.80 support level, the northern goal has yet worked out and from 93.80 + - I expect to resume growth with access to the 95.00 mark.

http://i45.tinypic.com/2vn3yva.png

Oil has moving upside in the previous session and successfully breaks the 94.15 levels. Today we stay from the Oil but if the Oil has manage to daily close above 94.15 than Tomorrow we will join the bulls. Therefore we stay away from the Oil until we get a confirm signal and better entry point for the upcoming big move.

Today(11-1-13 ) pivot point are-

Resistance 3- 96.30
Resistance 2- 95.50
Resistance 1- 94.69

Pivot point- 93.89

Support 1- 93.08
Support 2- 92.28
Support 3- 91.47

http://i47.tinypic.com/25kmtcj.png

The Oil has trying to break the main resistance and upper trend line but finally pulls back and close below trendline. The RSI 14 shows negative sign and Aroon indicator shows positive sign. Therefore at this point we stay aside from the Oil until we get a confirm signal for the upcoming big move.

Oil has touched and has been rejected again by the resistance level at 93.57 So, I can make a conclusion that the resistance level still stron. Because of that rejection, I think Oil will fall today and may reaches the support level at 92.03 or even lower.