Crude oil: Mathematical analysis with Murray lines for December 09, 2013
December 9, 2013 6:15 am
Monthly chart
Early Friday, the Labor Department reported that the U.S. generated 203,000 jobs in November. Economists polled by MarketWatch forecast a net gain of 180,000 jobs. The unemployment rate fell to 7% from 7.3%.
“The entire week was a good-quality crescendo of good news — all of it supportive to the week’s concluding jobs data, which really confirms the U.S. is enjoying a better balance of industrial expansion and consumer spending,” said Richard Hastings, a macro strategist at Global Hunter Securities.
As a result of these positive data Crude Oil closed the week higher on Friday scoring a gain of more than 5% weekly. Standing in the month so far above its weekly pivot and has already surpassed what it lost last month with a high probability of continuing its ascent at the beginning of the new week.
Weekly chart
In the weekly chart of Crude Oil, we can clearly see a bullish engulfing candle clearly surpassing the five sessions, which shows that bulls have taken control in the first part of the previous week. Currently, it is above its weekly pivot.
Any setbacks at this point is more likely to only invite buyers to take new positions; therefore, traders should pay careful attention to the chart to get their input signals.
And it is likely that this decline was in the days of to find support around 96.12 where hits weekly pivot and then continue its ascent.
Daily chart
Finally in the daily chart Crude Oil is at its line of 3/8 (green line) Murrey lines, it amounts to the bottom line of its trading range; however, after six days of constant rise, a market correction is expected, which may be to the base of its trading range which is located at 96.88 weekly or even daily support until it reaches 96.22, it also coincides with the centerline of the channel downtrend now becomes an important support to consider.
If you have any questions or suggestions, please contact me right through:
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
Monthly chart
Early Friday, the Labor Department reported that the U.S. generated 203,000 jobs in November. Economists polled by MarketWatch forecast a net gain of 180,000 jobs. The unemployment rate fell to 7% from 7.3%.
“The entire week was a good-quality crescendo of good news — all of it supportive to the week’s concluding jobs data, which really confirms the U.S. is enjoying a better balance of industrial expansion and consumer spending,” said Richard Hastings, a macro strategist at Global Hunter Securities.
As a result of these positive data Crude Oil closed the week higher on Friday scoring a gain of more than 5% weekly. Standing in the month so far above its weekly pivot and has already surpassed what it lost last month with a high probability of continuing its ascent at the beginning of the new week.
Weekly chart
In the weekly chart of Crude Oil, we can clearly see a bullish engulfing candle clearly surpassing the five sessions, which shows that bulls have taken control in the first part of the previous week. Currently, it is above its weekly pivot.
Any setbacks at this point is more likely to only invite buyers to take new positions; therefore, traders should pay careful attention to the chart to get their input signals.
And it is likely that this decline was in the days of to find support around 96.12 where hits weekly pivot and then continue its ascent.
Daily chart
Finally in the daily chart Crude Oil is at its line of 3/8 (green line) Murrey lines, it amounts to the bottom line of its trading range; however, after six days of constant rise, a market correction is expected, which may be to the base of its trading range which is located at 96.88 weekly or even daily support until it reaches 96.22, it also coincides with the centerline of the channel downtrend now becomes an important support to consider.
If you have any questions or suggestions, please contact me right through:
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
Related Posts: