Crude oil: Mathematical analysis with Murray lines for December 23, 2013
December 23, 2013 7:15 am
Monthly chart
The chart shows Crude Oil with a bullish engulfing candle. Although even the month is not over, it is very likely that prices ending above its weekly pivot which is located at 98.25 because during last week prices closed above 99.00. It seems that the markets may be focusing on the fact that the United States may have a higher energy demand, now that the employment numbers are better. That being the case, the strengthening of the dollar against other currencies does not seem to be hurting the value of the oil at the moment.
Weekly chart
Moreover, the weekly chart shows a scenario with little way to go for this week beginning today. On the one hand, there is the line 8/8 which in this case would be your last line of resistance for this time frame, also in this same area is the third monthly resistance very close to its R-1 Weekly. Therefore, we believe that CL will meet strong resistance in this area you can take it back at least to the 98.00 area. We also have a week with few macro-economic data added during nonworking holiday on December 25.
Daily chart
In this chart, we also have a fairly narrow view on the topside with two areas of their daily pivot resistance between line and 8/8 Murrey lines. But if we take some movements today, we might well go above 99.00 with a stop of about 50 pips for a possible gain of at least 100 pips and see what happens today at the end of the session.
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
Monthly chart
The chart shows Crude Oil with a bullish engulfing candle. Although even the month is not over, it is very likely that prices ending above its weekly pivot which is located at 98.25 because during last week prices closed above 99.00.
It seems that the markets may be focusing on the fact that the United States may have a higher energy demand, now that the employment numbers are better. That being the case, the strengthening of the dollar against other currencies does not seem to be hurting the value of the oil at the moment.
Weekly chart
Moreover, the weekly chart shows a scenario with little way to go for this week beginning today. On the one hand, there is the line 8/8 which in this case would be your last line of resistance for this time frame, also in this same area is the third monthly resistance very close to its R-1 Weekly. Therefore, we believe that CL will meet strong resistance in this area you can take it back at least to the 98.00 area. We also have a week with few macro-economic data added during nonworking holiday on December 25.
Daily chart
In this chart, we also have a fairly narrow view on the topside with two areas of their daily pivot resistance between line and 8/8 Murrey lines. But if we take some movements today, we might well go above 99.00 with a stop of about 50 pips for a possible gain of at least 100 pips and see what happens today at the end of the session.
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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