Crude oil: mathematical analysis with Murray lines for December 20, 2013
December 20, 2013 2:30 pm
Daily chart
Crude oil continued to advance with caution during the Thursday session reaching a maximum of 99.23 and then withdraw and close very close to her daily pivot. Currently, it is trading very close to yesterday’s close and the next resistance is at 99.40 where its first daily resistance which would be only a 70 point difference if we enter the market at these valuation levels. But could also be the opposite scenario to fall below daily pivot can go for their previous support would be at 96.88 which seems unlikely; however, we can not completely rule it out.
4-hour chart
In 4-hour chart, we can see that Crude Oil continues to move in upward direction having as support a trend line with this direction, although in 99.23 we have the line opposite trend with the first red line of its trading band which could push prices in the opposite direction driving prices to their blue centerline trading band which is located at 96.79 which incidentally coincides with the yellow line of 7/8 and would become its next support. On the other hand, we note that technically the price is very close to its last resistance area this time frame according to Murrey math lines so really we should expect a downtrend in the near term.
1-hour chart
Finally the 1-hour chart we have the Crude Oil resistance at the top line of its trading range and becomes the Green Line 5/8 found in 98.83 so anyway expect a retraction first objective 98.44 depending on volatility for the next few hours this could be extended to the lower trend channel line and becomes the 3/8 whereby the CL would be oscillating within an area of consolidation before deciding finally to where will direct prices.
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
Daily chart
Crude oil continued to advance with caution during the Thursday session reaching a maximum of 99.23 and then withdraw and close very close to her daily pivot. Currently, it is trading very close to yesterday’s close and the next resistance is at 99.40 where its first daily resistance which would be only a 70 point difference if we enter the market at these valuation levels. But could also be the opposite scenario to fall below daily pivot can go for their previous support would be at 96.88 which seems unlikely; however, we can not completely rule it out.
4-hour chart
In 4-hour chart, we can see that Crude Oil continues to move in upward direction having as support a trend line with this direction, although in 99.23 we have the line opposite trend with the first red line of its trading band which could push prices in the opposite direction driving prices to their blue centerline trading band which is located at 96.79 which incidentally coincides with the yellow line of 7/8 and would become its next support. On the other hand, we note that technically the price is very close to its last resistance area this time frame according to Murrey math lines so really we should expect a downtrend in the near term.
1-hour chart
Finally the 1-hour chart we have the Crude Oil resistance at the top line of its trading range and becomes the Green Line 5/8 found in 98.83 so anyway expect a retraction first objective 98.44 depending on volatility for the next few hours this could be extended to the lower trend channel line and becomes the 3/8 whereby the CL would be oscillating within an area of consolidation before deciding finally to where will direct prices.
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
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