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Crude oil: Mathematical analysis with Murray Lines for January 09, 2014
January 9, 2014 3:15 pmVideo
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Daily СЃhart.В Crude oil futures settled at a six-week low on Wednesday, dropping below $93 a barrel after the U.S. government report showed that crude supplies fell for a sixth straight week, but by less than expected.
Still, news of strong growth in private-sector jobs in December helped buoy prospects for energy demand, while concerns over a possible escalation of tensions in Libya threatened a potential recovery in the nation’s oil production. Oil prices continued to trade lower following minutes of the Federal Reserve’s December policy meeting released Wednesday afternoon.
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4-hour chart.В However, figure 4 hours shows that after this last fall, the crude oil is found in the areas of support between the lines end -1/8 -1/8 -1/8 and -2/8. Therefore, this area could be an area of consolidation for a new correction in prices because of all ways the general trend is still bearish as the rebound from the minimum of November only seems to be a corrective wave.
Therefore, while we can wait and bounce above the 93.00 this should not reach beyond the 96.00, where is located the basis of its trading range.
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1-hour chart.В
Finally, in the 1 hour chart, we can see that the crude oil is doing shorter ranges , which seems to be showing us some exhaustion on the part of the bears and they might be able to carry the prices at least until the rates EUR 92.00 dollars, where is a previous support area. From there, we can expect a correction with a minimum stroke to the bottom line of its upward trend channel that is found in the area of 96.00.
Therefore, on the basis of our analysis of three charts, we suggest buying above 93.00 with a stop of at least 100 pips.
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If you have any questions or suggestions, please contact me at:В [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.
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The material has been provided by InstaForex Company – www.instaforex.com
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