Late in January, crude experienced the highest price since Septemeber 2012, reaching 98.30 $/bbl.
$95´s are an important point of support, proved by the imbalance experienced over the last 2 weeks.
Similary to gold´s behaviour, crude has tested the $95 level 3 times during the last 10 days (2 out of the 3 times, the system I am developing has provided accurate signals, as marked by the green arrows).
There´s has been some buying response since today´s open into $95.25 – I do not have a clear bias here. However, I will approacht his week as usual:
A sustained buying response in in the $95 area (specifically $94.95-$94.70) will make me look into $96.20-$95.90 (if it doesn´t get breached overnight), followed by -a more important) $97.00-$96.60 – ABove that, $97.20-$97.40 makes my line in the sand to look for more upsid, followed by $97.75, towards a retest of swing highs.
Alternatively, I´ll be watching what happens in $95.30 & $95.15, lookign for some buying response.-
$94.85-$94.65 is my first support area, followed by$94.30´s
$93.90 should provide some hints for potential buyers, so $93.60-$93.35
$92.975-$92.75 should provide some important area in which I would expect buyers to show up