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Crude oil: Mathematical analysis with Murray lines for January 13, 2014
January 13, 2014 6:30 amVideo
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Daily chartВ
The crude oil opened today under its weekly pivot, then that is the last Friday move more than 130 pips above the support that is at 92.00.
We believe that the trend for this new week will be bullish.
This is due to its weekly pivot located at the bottom line of its trading range of 3/8 (green line).
Therefore, we believe that it is a good time to take buying positions above 92.00 dollars a barrel and with a moderate risk of about 100 pips.
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4-hour chartВ
The 4-hour figure gives us a projection that the price of light crude is finding support at its line of extreme -1/8 -1/8 -1/8 (white line) which is also a bracket to take into account.
On the other hand, we can also see that during the meeting of last Friday, the price found support at its first weekly support, as well as at the bottom line of its trend channel.
Also, if we look at the volume indicator in the second window of the graph, we can see that it has been decreasing, which seems to indicate a decrease among the sellers.
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1-hour chartВ
Finally in the 1 hour chart we note a possible upward swing bands of the gravitation. After having found its support in the area of the first green line lower, Crude Oil is penetrating its moving average of 200, the same that is located at the center line of his band of gravitation. Therefore, to overcome the barrier of 93.00, we would need an additional confirmation of an upward trend.
However, as mentioned earlier, our risk should not be less than 100 pips due to the volatility of this financial instrument and it is possible that prior to continue climbing CL again to test its previous minimum and is restricted by the support that is found at 92.00.
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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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