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The Crude oil: mathematical analysis with Murray Lines for December 03, 2013
December 3, 2013 6:15 amVideo
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Weekly Graphic
Crude Oil started the week with more than 130 pips higher. This scenario came after manufacturing data from China which has provided vital support for crude oil, and there is some optimism that an increase in manufacturing activity will support demand for oil more was known.
HSBC’s monthly survey of China’s manufacturing sector printed at 50.8 for November, up from an initial estimate of 50.4 and almost unchanged from 50.9 the previous month. The results of the manufacturing purchasing managers index, released Monday by HSBC and Markit, showed the fourth straight month of rising production, with the growth at its fastest rate since March.
Thus the CL presents a new scenario that we had until the close of last Friday, standing now back above its weekly pivot and also on the line 7/8.
Daily Graphic
Elsewhere on the daily chart we also see as Crude Oil, following the bullish session to session on Monday, finished closing above line 2/8 lines Murrey, the same is considered as an important line of reverse resulting in this area range from late October on which the price has been fluctuating CL entire month of November. Hence the bullish candle this day could be the beginning of an upturn that could occur during the month of December. Moreover both the oscillator and the oscillator strength of this trend give us perspective and we believe that there are conditions to enter long positions with minimal risk to about 30 pips below 93.75.
Graphics for 4 hours
Finally, within the 4 hours chart after entering your area range after bullish yesterday and supported by its uptrend line, Crude Oil entered above the line 4/8 (blue line) that was actually apart from being a neutral line, also becomes an important line of support and resistance, and found the CL at this time above this line making the outlook is bullish predominate, although for further confirmation the price should penetrate the line 5/8 (green line) which will become the top line of your range trend. According to lines indicated above, we can enter long positions above this level of 93.75 with a maximum risk of 60 pips.
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