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Crude oil: Mathematical analysis with Murray lines for December 19, 2013
December 19, 2013 8:45 amVideo
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Daily chart
The Light Crude Oil futures began to react during the session on Wednesday after the Federal Reserve made the announcement that it will reduce its bond-buying program. The Open Market Committee of the Federal Reserve announced that it will reduce their purchases of monthly assets of $75 million to $ 85 billion. And reaching its highest so far this week level.
Technically seemed that prices could fall as it comes close to quoting the line of his extreme trend channel, however with this post in addition to a report by the U.S. government showed that weekly crude supplies fell less than analysts expected. So the outlook for the bullish CL remains however to enter long positions must not forget that the risk of the market do unexpected moves is always there so we could place our stop loss at least below the first daily support that in 97.10.
4-hour chart
In 4-hour chart we can see that Crude Oil seems to have found strong support on line 3/8 (green line) of Murrey lines since two days ago has been moving over the same and since this line becomes the basis of its trading range can expect the price to continue moving primarily aim to make the 4/8 (blue line). At this time the CL is limited by a line of the same downward trend that possibly violated within hours. But something we should take into account is that in 98.42 and 99.33 are the top two lines of its trading band representing the same support areas to consider when deciding to enter our buying position.
1-hour chart
Finally the 1-hour chart allows us to minimize our risk about 60 pips, because if we enter long positions at current levels, it could place our stop loss below the thick blue line representing the 200-period moving average the same as to encontrase at line 3/8 Murrey provides additional support that the Crude Oil would have to pass if prices were to reverse direction of the dominant trend, which would be confirmed if prices fall below the line 3/8 which seems unlikely.
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