Crude oil: mathematical analysis with Murray Lines for December 04, 2013
December 4, 2013 2:15 pm
Weekly chart
In our weekly chart, Crude Oil did yesterday what so far is a bullish engulfing candle is the same as moving over 400 pips from the opening of Monday this week. This bullish outlook was more intensified yesterday after the American Petroleum Institute and Energy in its weekly data report a fall of about 12 million barrels for the week ended November 29. That was much higher than the forecast of 1.25 million barrels was expected based on previous data. So at this time finding resistance at its R – 3 which is at 97.27, so that the outlook is clearly bullish. Although, having reached this level of resistance we could possibly expect some respite with a slight retraction at least until R – 2.
Daily chart
In the daily chart we can see the Crude oil after having moved from line 2/8 (red line) to the line 3/8 (green line) which becomes the basis of its trading range, trading at this time morning over the line, however it converges with the center line of its downtrend channel which could allow a retraction for this day at least 200 pips which would return some of the profits during the session yesterday. So the new CL find support around 94.70 where its S-1 is located the same day also converges with the top line of the downtrend channel in a shorter period. A second scenario would be bullish until then at least R-2 daily, however we believe it is less likely.
4 hour chart Finally, the 4 hour chart shows the Crude Oil is in its end zone overrun because as we noted it has shifted including the run from the line 2/8 (red line) to the line of +1 / 8 (purple line) considered as an extreme price reaches line only in exceptional cases as of yesterday. In an extreme case the CL could move to its line +2 / 8 (white line) which is less likely from our point of view. On the other side, being the line 8/8 is considered the last line of resistance and the price right now is swinging on the line, you may infringe upon it the CL experience a break at least until the line 6 / 8 (red line) or even to 94.53 which comes to the top line of its trading range. Time which could occur if leverage to place new orders.
If you have any questions or suggestions, please contact me at:
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
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
Weekly chart
In our weekly chart, Crude Oil did yesterday what so far is a bullish engulfing candle is the same as moving over 400 pips from the opening of Monday this week. This bullish outlook was more intensified yesterday after the American Petroleum Institute and Energy in its weekly data report a fall of about 12 million barrels for the week ended November 29. That was much higher than the forecast of 1.25 million barrels was expected based on previous data. So at this time finding resistance at its R – 3 which is at 97.27, so that the outlook is clearly bullish. Although, having reached this level of resistance we could possibly expect some respite with a slight retraction at least until R – 2.
Daily chart
In the daily chart we can see the Crude oil after having moved from line 2/8 (red line) to the line 3/8 (green line) which becomes the basis of its trading range, trading at this time morning over the line, however it converges with the center line of its downtrend channel which could allow a retraction for this day at least 200 pips which would return some of the profits during the session yesterday. So the new CL find support around 94.70 where its S-1 is located the same day also converges with the top line of the downtrend channel in a shorter period. A second scenario would be bullish until then at least R-2 daily, however we believe it is less likely.
4 hour chart
Finally, the 4 hour chart shows the Crude Oil is in its end zone overrun because as we noted it has shifted including the run from the line 2/8 (red line) to the line of +1 / 8 (purple line) considered as an extreme price reaches line only in exceptional cases as of yesterday. In an extreme case the CL could move to its line +2 / 8 (white line) which is less likely from our point of view. On the other side, being the line 8/8 is considered the last line of resistance and the price right now is swinging on the line, you may infringe upon it the CL experience a break at least until the line 6 / 8 (red line) or even to 94.53 which comes to the top line of its trading range. Time which could occur if leverage to place new orders.
If you have any questions or suggestions, please contact me at:
Email:[email protected]
DISCLAIMER
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
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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