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The Crude oil: Mathematical Analysis with Murray Lines for December 02, 2013
December 2, 2013 3:45 pmVideo
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Monthly chart
Crude oil ended the previous month below its weekly and monthly pivot at 91.77 reaching a minimum near its S – 1 weekly. At the beginning og the month, black gold tries to recover after 3 months of constant crashes, however this attempt will be limited primarily by your monthly pivot at 93.73 which is also its central line trading band (blue line) because, as we can see in previous periods, in this area there is a strong downward pressure which is pushing the prices up to levels of 90.00 dollars per barrel.
We should also consider the Federal Reserve tapering of quantitative easing, mainly because it would skyrocket the value of the U.S. dollar, which of course would bring down the value of oil in general.
Weekly chart
On the weekly chart we see a similar picture as the crude oil closed the previous week below the line 7/8 (yellow line) considered the same as being a weak resistance line, in addition to breaking the bottom line its uptrend channel and that this new week become the same resistance that the CL would have to overcome.
Moreover, taking into account the minimum reached during the previous week, the CL may try to score a new one that could well drive you to the S – 2 weekly found in 90.17 and then just aim for a turnaround since the 90.00 level is an important psychological price.
Daily chart
Finally, in the daily chart, crude oil is trading below the line 2/8 (red line) the same which is considered an important line of reverse, however to be at this moment on the share price becomes a resistance line that may well push prices lower to the levels achieved so far, I might as well take it to the yellow line 1/8 which in turn coincides with the bottom line of the downtrend channel. We, therefore, consider that it is still a good opportunity to continue to sell below 93.75 with tight stop loss of 20 to 30 pips above this line for a possible course of at least 200 pips over the course of the first week.
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The material has been provided by InstaForex Company – www.instaforex.com
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