The crude oil: mathematical analysis with Murray Lines for December 06, 2013
December 6, 2013 2:30 pm
Daily chart
On Thursday we have observed very little movement of Crude oil; it barely moved 1 pip from the opening to the closing of the day and just showed some slight movement during the day. Today, similarly, there is very low turnover and CL is facing resistance at the daily pivot which is located at 97.44.
There is much hype around this morning’s non-farm payroll release. The data, “better or for worse,” will go along way in shaping investors expectations for the December FOMC decision. To date, Bernanke and company have been vigilant on the dependency of strong data before ever considering tapering. With NFP, the granddaddy of fundamental releases, the end result will certainly have its talking points and this release in particular because of the steady stream of positioning adjustments made throughout this week.
4 hour chart
Regardless of how employment statistics prove technically, Crude oil needs a correction and it should find support at least about line 6/8 (red line) then consolidate and gain strength for the continuation of a new upward climb that in principle could reach $ 100 a barrel. And it would be a good opportunity at these levels of 95.00 to buy positions, so you should be aware of the results of these macroeconomic data.
1 hour chart
1 hour charts have an interesting shoulder head shoulder high after the last line reached about 7/8 (yellow line) Murrey lines and now the Crude Oil has supported over the line 5/8 (line green) becomes the top line of its trading range. However, since there is some preliminary data for today and the CL has not had a significant break after the last bullish session uncertainty may see it drop below these levels until a new support could even well reach 95.31 where the line 0/8 which is to be their last stand this time frame from which we could continue shopping.
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
Daily chart
On Thursday we have observed very little movement of Crude oil; it barely moved 1 pip from the opening to the closing of the day and just showed some slight movement during the day. Today, similarly, there is very low turnover and CL is facing resistance at the daily pivot which is located at 97.44.
There is much hype around this morning’s non-farm payroll release. The data, “better or for worse,” will go along way in shaping investors expectations for the December FOMC decision. To date, Bernanke and company have been vigilant on the dependency of strong data before ever considering tapering. With NFP, the granddaddy of fundamental releases, the end result will certainly have its talking points and this release in particular because of the steady stream of positioning adjustments made throughout this week.
4 hour chart
Regardless of how employment statistics prove technically, Crude oil needs a correction and it should find support at least about line 6/8 (red line) then consolidate and gain strength for the continuation of a new upward climb that in principle could reach $ 100 a barrel. And it would be a good opportunity at these levels of 95.00 to buy positions, so you should be aware of the results of these macroeconomic data.
1 hour chart
1 hour charts have an interesting shoulder head shoulder high after the last line reached about 7/8 (yellow line) Murrey lines and now the Crude Oil has supported over the line 5/8 (line green) becomes the top line of its trading range. However, since there is some preliminary data for today and the CL has not had a significant break after the last bullish session uncertainty may see it drop below these levels until a new support could even well reach 95.31 where the line 0/8 which is to be their last stand this time frame from which we could continue shopping.
If you have any questions or suggestions, please contact me at:
[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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