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The Crude oil: Mathematical Analysis with Murray Lines for January 02, 2014
January 2, 2014 4:15 pmVideo
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Weekly Chart
The crude oil continues its weekly drop after a first attempt to continue climbing the first day of the week . This week oil has already lost more than 250 pips, it is very close to its weekly pivot located at 97.31 where it will probably find its support and resume its upward trend in the medium and long term. Now it is at the second weekly support of 97.58 which you can also use as an interesting point of entry to position with purchase orders above this level.
Daily Chart
In the graph of days however we can see that crude oil continued retreating from its last line of support as was the 8/8 line (blue line) of g, Murrey J. All this within a channel of downward trend assume that the possible scenario is that the prices of the CL will continue falling below current levels.
In this case, support would be near 93.75 due to the line 6/8 is considered as a strong point of reverse, and the same converges with the center line of its current trend channel.
4-Hour Chart
Finally the figure of 4 hours seems to support more a continuation of its upward trend. At this time, the crude oil is located very close to their third weekly support, the same as is above its 200 moving average periods, which could push prices back up, still falls in the last days; there is only a small correction within an upward trend in the long term.
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