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Crude oil: Mathematical analysis with Murray lines for December 12, 2013
December 12, 2013 8:15 amVideo
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Daily chart
During Wednesday’s session, Crude Oil gave back all the gains made during the previous day standing back its daily support and very close to its bottom line of the pivot trading range, which puts us back to the dilemma: on the one hand, it will continue to rise if it is kept above this line 3/8 (green line) or, otherwise, falling to 93.75 in case of breaking this line which in turn overlaps with the first daily support. It is confirmed that if the CL falls below the center line of its channel bearish.
H4 chart
The 4-hour chart shows a similar picture. Having quoted the line 7/8 (yellow line) the same is considered as a line of weak resistance, however, during yesterday’s session CL retreated from this area until it stands on a line upward trend in the last few days and possibly its closest lens is at the red line in 6/8 it converges with the center line of the uptrend channel. Also as seen in the daily chart, it is possible that the CL continues to fall even below that line at least until the next support becomes the line 5/8 (green line) Murrey lines. But in order that such a scenario is clearly visible, we should expect the price exceeds at least a full 4 hour candle below 6/8 and the place our stop 60 pips just above this.
H1 chart
Finally in the hourly chart Crude Oil si at strong support line as line 2/8 (red line) Murrey lines. Even if this line would be undermined in the next few hours, the next support would be precisely the price of 96.88 where its previous support for this time frame as the line becomes 0/8 and noticed that as playing an important role both in the chart and in the 4 hours, so as mentioned possibly selling only we could go if the price falls below such levels. Meanwhile, in our opinion the balance tilts upward above the then current levels with a moderate risk of 80 pips considering the volatility of this commodity.
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