Crude oil: Mathematical analysis with Murray Lines for November 07, 2013
November 7, 2013 3:45 pm
Daily chart
Crude Oil rose during the Wednesday session, reaching above 95.00 to close finally in 94.84. Prices rose after the Energy Information Administration EIA U.S. said Wednesday that crude inventories rose 1.6 million barrels for the week ended November 1, less than the 2.5 million barrels analysts expected. Late Tuesday, the American Petroleum Institute said its data showed an increase of 871,000 barrels in crude supplies, also lower than expected. So far this day Crude Oil is now back above 95.00 which of course is relatively important and psychologically significant so we expect black gold continues to recover.
4-hour chart
In the 4-hour chart Crude Oil is finding resistance at 95.31, where the line 2/8 (red line) Murrey lines and we can see that from yesterday’s session the CL is facing resistance in this area, which must be overcome in order to continue rising at least until the top line of the trading range that lies on the line delimited 97.66 5/8 Murrey. Meanwhile the next support is at 94.53 below which we could place stop loss to minimize risk. The trend oscillator also shows a clear upward trend.
1-hour chart
Finally, Crude Oil is currently trading at just about your trend line, after having remained below it for some time. The nearest support is at 94.62, which houses its daily pivot and about 20 pips below found its uptrend line. Being in Crude Oil currently very close to the vertex formed by two trend lines most likely to win the battle bulls and the CL continues to recover at least to reach 97.00 dollars per barrel. For this reason we can buy at these levels with a maximum risk of about 90 or 100 pips for a possible gain of 200 pips with a risk benefit of 2-1.
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
Daily chart
Crude Oil rose during the Wednesday session, reaching above 95.00 to close finally in 94.84.
Prices rose after the Energy Information Administration EIA U.S. said Wednesday that crude inventories rose 1.6 million barrels for the week ended November 1, less than the 2.5 million barrels analysts expected. Late Tuesday, the American Petroleum Institute said its data showed an increase of 871,000 barrels in crude supplies, also lower than expected.
So far this day Crude Oil is now back above 95.00 which of course is relatively important and psychologically significant so we expect black gold continues to recover.
4-hour chart
In the 4-hour chart Crude Oil is finding resistance at 95.31, where the line 2/8 (red line) Murrey lines and we can see that from yesterday’s session the CL is facing resistance in this area, which must be overcome in order to continue rising at least until the top line of the trading range that lies on the line delimited 97.66 5/8 Murrey. Meanwhile the next support is at 94.53 below which we could place stop loss to minimize risk. The trend oscillator also shows a clear upward trend.
1-hour chart
Finally, Crude Oil is currently trading at just about your trend line, after having remained below it for some time. The nearest support is at 94.62, which houses its daily pivot and about 20 pips below found its uptrend line. Being in Crude Oil currently very close to the vertex formed by two trend lines most likely to win the battle bulls and the CL continues to recover at least to reach 97.00 dollars per barrel.
For this reason we can buy at these levels with a maximum risk of about 90 or 100 pips for a possible gain of 200 pips with a risk benefit of 2-1.
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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