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The Crude oil: Mathematical analysis with Murray lines for January 06, 2014
January 6, 2014 4:15 pmVideo
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Monthly Chart
Crude oil prices fell to 93.85 last week, thus beginning the new year with a sharp fall.
There has been a lot of talk about more supply coming from Libya, and of course that is going to upset the balance of supply and demand, while at the same time to strengthen the American dollar.
Both are exerting pressure on the markets at this time, and now it seems that we are in free fall to try to find some kind of support.
The drop below the level of $94.00 is possible where is located the center line of his band of gravitation, which acts as a pivot; this fall could be prolonged even up to 87.50 where is the line 3/8 of Murrey
Weekly Chart
The weekly chart in the possibility of bearish continuation is reinforced by the fact that prices have fallen since the last resistance. That comes to be the 8/8 line (blue line) until you find support on its first monthly support. We are able to see it in the chart at 93.80.
Although this week crude oil could go back to the hike, a possible rise will be limited around the level of 97.30; where it finds its monthly pivot. Given this scenario, it would be a good area to enter selling below these levels with a minimum risk.
4-Hour Chart
Finally, the 4 hour chart shows us the crude oil, relying on the 6/8 line (red line) which is considered as an important area of support and resistance in function to the direction of the moment. In this case, bearing in mind the fact that the CL has been retreating since its last line of resistance, this area would be their first support area, where it is possible to expect a reverse at least until 96.80. Then they may continue with their downward trend in the medium and long term. However, we do not recommend selling in this area; you would better wait for a reverse in order to enter with positions of sale very near or below the yellow line on 7/8.
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The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
The material has been provided by InstaForex Company – www.instaforex.com
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