Crude oil: Mathematical analysis with Murray lines for November 01, 2013
November 1, 2013 2:45 pm
Daily chart
Crude Oil continued to prefer the bearich direction, lasting for three days on Thursday. Below the end line, it exceeded -1/8 (purple line) and below its monthly pivot.
Something that has contributed to this trend is that weekly crude supplies in the U.S. rose nearly 8% since mid-September, according to figures from the Energy Information Administration (EIA).
383.9 million, which are below the highest level recorded by the EIA by 14 million barrels barrels, as of the week ended Oct. 25. Supplies were at 397.6 million barrels for the week ended May 24, the EIA’s highest weekly level since the agency began collecting the data in 1978.
H4 chart
In 4-hour chart we can also notice a rapid decline of Crude Oil after having crossed the line -1/8 also in this time frame. Approaching the line -2/8 which in this case would be your last line of support, according to the theory of Murrey lines, that the price fails to reach only in extreme cases.
For this reason we must beware of a possible bounce from these levels as prices have not been able to close above $100 since October 18, but analysts do not see a return to that level in the short term.
On the other hand, there is also the fact that Crude Oil production totaled about 7.5 million barrels per day in August , EIA data showed, compared to 6.3 million barrels to the same month last year .
However, despite this data, we do not recommend going into sales positions.
H1 chart
Finally, 1-hour chart also shows the very close trading crude line 0/8 that is located at 95.31, it is regarded last line of support which also gives us likely bounce from these levels.
From our point of view, we expect a correction in the short term even though the market seems to have been absorbed fully the problems in Libya and is now offset by U.S. production.
Despite some analyst believe that prices will not see $100 levels in the remainder of this year.
But today we do not recommend any moves into the market.
If you have any questions or suggestions, please contact me right through:
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
Daily chart
Crude Oil continued to prefer the bearich direction, lasting for three days on Thursday. Below the end line, it exceeded -1/8 (purple line) and below its monthly pivot.
Something that has contributed to this trend is that weekly crude supplies in the U.S. rose nearly 8% since mid-September, according to figures from the Energy Information Administration (EIA).
383.9 million, which are below the highest level recorded by the EIA by 14 million barrels barrels, as of the week ended Oct. 25. Supplies were at 397.6 million barrels for the week ended May 24, the EIA’s highest weekly level since the agency began collecting the data in 1978.
H4 chart
In 4-hour chart we can also notice a rapid decline of Crude Oil after having crossed the line -1/8 also in this time frame. Approaching the line -2/8 which in this case would be your last line of support, according to the theory of Murrey lines, that the price fails to reach only in extreme cases.
For this reason we must beware of a possible bounce from these levels as prices have not been able to close above $100 since October 18, but analysts do not see a return to that level in the short term.
On the other hand, there is also the fact that Crude Oil production totaled about 7.5 million barrels per day in August , EIA data showed, compared to 6.3 million barrels to the same month last year .
However, despite this data, we do not recommend going into sales positions.
H1 chart
Finally, 1-hour chart also shows the very close trading crude line 0/8 that is located at 95.31, it is regarded last line of support which also gives us likely bounce from these levels.
From our point of view, we expect a correction in the short term even though the market seems to have been absorbed fully the problems in Libya and is now offset by U.S. production.
Despite some analyst believe that prices will not see $100 levels in the remainder of this year.
But today we do not recommend any moves into the market.
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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