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The Crude oil: Mathematical Analysis with Murray Lines for December 10, 2013
December 10, 2013 4:30 pmVideo
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Daily chart
After falling slightly during the first session of the week, crude oil continued today its upward recovery above its bottom line as trading range becomes line 3/8 (green line). Although at this time it is found at the light resistance R-3 daily, we believe that even the next level is in line 4/8 (blue line) is in the psychological price of $ 100.00 per barrel. As far as this line is a neutral zone and significant resistance, the price would retreat first to continue its upward move. The oscillator strength also shows the signs of the income of most buyers in these areas.
4-Hour chart
In the 4 hour chart we note that after overcoming the area of 96.88 bounded by the red line of 6/8 Murrey, crude oil is retracing now from the line 7/8 (yellow line), the same one which is considered as a weak resistance line and is probably violated in the hours after supported on its downtrend line. For this reason, we could enter long positions on this trendline (green line) with a stop loss of 100 pips for a probable gain of 200 pips and a hazard ratio of 2 to 1.
1-Hour chart
Finally in the 1-hour chart we see that crude oil is retreating from its line of +1 / 8 in this time frame would be its last resistance area, although it seems to have found its support at the line 6/8 (line red). It also overlaps with an important support that is at 98.00. For this reason we believe that any income above the line 5/8 the same amounts to the top line of your range trend presents an interesting opportunity to enter long positions so that it would be expected that the CL falls to these levels to minimize the risk.
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