Crude oil: Mathematical Analysis with Murray Lines for January 16, 2014
January 16, 2014 6:15 am
Daily chartВ
The Light crude oil rose 1.7 per cent today and closed at 94.34 dollars per barrel after the announcement on the sharp decline in crude oil reserves in the United States during the last week.
Buyer activity in the market was highly favored today by the announcement of the Department of Energy that oil reserves fell by 7.7 million barrels (2.1%) last week, compared to the forecast of 1.6 million that will descend. In addition, the sharp increase in manufacturing activity in the region of New York in the month of January announced today suggests a recovery of the industry and a greater consumption of crude oil, which also pushed up the contracts.
В
Weekly chartВ
However, in spite of this strong rise of more than 160 pips, when we look at the weekly chart, we noticed that the crude oil is still in area of sale, since it has notВ been able to enter within their channel of trend while it is true that is already at its first monthly support, the volume of sellers still remains high, and the oscillator also has bearish trend. Therefore, we suggest caution and although it is likely to end the current week with a bullish candle, we don’t have much to enter buying.
В
4-hour chartВ
Finally in the 4-hour chart we see two scenarios. The first one may be that the time to overcome its first weekly resistance that is at 94.51 to about 25 pips of the current price, the light crudeВ also continue to climb today.
The second possible scenario is that to be found at this time below the resistance in addition below the top line of the trend channel prices are pushed even beneath 93.75 (blue line) with which the predominant trend would continue to be bullish.
Therefore, we do not suggest any operation to this day.
If you have any questions or suggestions, please contactВ [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.
В
The material has been provided by InstaForex Company – www.instaforex.com
Daily chartВ
The Light crude oil rose 1.7 per cent today and closed at 94.34 dollars per barrel after the announcement on the sharp decline in crude oil reserves in the United States during the last week.
Buyer activity in the market was highly favored today by the announcement of the Department of Energy that oil reserves fell by 7.7 million barrels (2.1%) last week, compared to the forecast of 1.6 million that will descend.
In addition, the sharp increase in manufacturing activity in the region of New York in the month of January announced today suggests a recovery of the industry and a greater consumption of crude oil, which also pushed up the contracts.
В
Weekly chartВ
However, in spite of this strong rise of more than 160 pips, when we look at the weekly chart, we noticed that the crude oil is still in area of sale, since it has notВ been able to enter within their channel of trend while it is true that is already at its first monthly support, the volume of sellers still remains high, and the oscillator also has bearish trend. Therefore, we suggest caution and although it is likely to end the current week with a bullish candle, we don’t have much to enter buying.
В
4-hour chartВ
Finally in the 4-hour chart we see two scenarios. The first one may be that the time to overcome its first weekly resistance that is at 94.51 to about 25 pips of the current price, the light crudeВ also continue to climb today.
The second possible scenario is that to be found at this time below the resistance in addition below the top line of the trend channel prices are pushed even beneath 93.75 (blue line) with which the predominant trend would continue to be bullish.
Therefore, we do not suggest any operation to this day.
If you have any questions or suggestions, please contactВ [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.
В
The material has been provided by InstaForex Company – www.instaforex.com
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