The Crude oil: Mathematical Analysis with Murray Lines for December 11, 2013
December 11, 2013 4:15 pm
Daily chart
The crude oil market remained in the uptrend during the Tuesday’s session and now crude oil is above the pivot point and will likely continue rising as it closed the previous session on an upbeat note. Therefore, its next target should be placed at $100 since the line 4/8 (blue line) is the same as the major neutral area which will determine the direction in the medium and long term.
Keep a close eye on the value the U.S. dollar as it will more than likely have an effect on oil and other commodities as well, and as a result it has to be kept in mind. However, the market is expected to go higher, and therefore, traders anticipate Tuesday’s highs.
4-Hour chart
Notwithstanding this, we must bear in mind that after today’s rally the crude oil is found in the areas of extreme resistance as it is above the +2 / 8 line. Moreover, it also touched a parallel resistance line which could push the prices to the line 0/8 (blue line) which could be your support and consolidation area to continue the upward trend in the long-term or you may also return to the previous trend since it has not yet overcame its neutral zone.
1-Hour chart
Finally, the 1-hour chart shows the crude oil is trading in the areas of extreme resistance because in this moment it is oscillating around the line 8/8 (blue line) within a channel that shows some signs of a lateral rotation as the price may descend to the base of its channel current trend. Oscillators and trend strength are also showing signs of some exhaustion and a possible upward correction to the previous days. Although the general trend is currently bullish, however consider it too risky to enter the area with long positions as there is a good risk benefit ratio.
If you have any questions or suggestions, please contact me via 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
Daily chart
The crude oil market remained in the uptrend during the Tuesday’s session and now crude oil is above the pivot point and will likely continue rising as it closed the previous session on an upbeat note. Therefore, its next target should be placed at $100 since the line 4/8 (blue line) is the same as the major neutral area which will determine the direction in the medium and long term.
Keep a close eye on the value the U.S. dollar as it will more than likely have an effect on oil and other commodities as well, and as a result it has to be kept in mind. However, the market is expected to go higher, and therefore, traders anticipate Tuesday’s highs.
4-Hour chart
Notwithstanding this, we must bear in mind that after today’s rally the crude oil is found in the areas of extreme resistance as it is above the +2 / 8 line. Moreover, it also touched a parallel resistance line which could push the prices to the line 0/8 (blue line) which could be your support and consolidation area to continue the upward trend in the long-term or you may also return to the previous trend since it has not yet overcame its neutral zone.
1-Hour chart
Finally, the 1-hour chart shows the crude oil is trading in the areas of extreme resistance because in this moment it is oscillating around the line 8/8 (blue line) within a channel that shows some signs of a lateral rotation as the price may descend to the base of its channel current trend. Oscillators and trend strength are also showing signs of some exhaustion and a possible upward correction to the previous days. Although the general trend is currently bullish, however consider it too risky to enter the area with long positions as there is a good risk benefit ratio.
If you have any questions or suggestions, please contact me via 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: