Crude oil: mathematical analysis with Murray lines for November 18, 2013
November 18, 2013 2:30 pm
Weekly chart
Crude Oil closed its sixth consecutive week down, its longest streak of weekly declines in 15 years, as traders continued to worry about the big screening of crude supplies in the U.S. and the prospects for energy demand. And this new week starting seems that the outlook is not very different, as we can see in the weekly chart the price is currently below its weekly pivot and below the bottom line of its uptrend channel and there is nothing strange that the price looked back at a minimum of 92.50 reached last week and found the first weekly support at 92.36
Daily chart In 1-day chart we can see that Crude Oil were falling for most of the week, but it found support around the price of 93.00 dollars a barrel. So far in today’s session it seems to have found resistance at 93.75 where the line 2/8 (red line) that despite being considered as the major reversal zone has been violated and the price is falling below this level, so you can probably take it even lower to a next support line, which could be the eighth (yellow line) line. Both oscillators and the trend strength also show a downward pressure.
H4 chart
The 4-hour chart Crude oil started this new day and week with a new fall and at this time the line is already exceeding 3/8 (green line) after falling from 93.85 and violated its neutral line 4/8 (blue line). Since line 3/8 becomes the bottom line of its trading range and there is still pressure from vendors, it may also breach this level in the next few hours, however it may be that the price rebounds to the rise from 93.36, so if you want to get selling, you should expect clearer penetration below this line, so our risk is the least possible that it could be at 93.85.
The second scenario to get serious buying from 93.75 and with a stop below the low point at this time which was 93.25.
If you have any questions or suggestions, please contact me right through:
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
Weekly chart
Crude Oil closed its sixth consecutive week down, its longest streak of weekly declines in 15 years, as traders continued to worry about the big screening of crude supplies in the U.S. and the prospects for energy demand. And this new week starting seems that the outlook is not very different, as we can see in the weekly chart the price is currently below its weekly pivot and below the bottom line of its uptrend channel and there is nothing strange that the price looked back at a minimum of 92.50 reached last week and found the first weekly support at 92.36
Daily chart
In 1-day chart we can see that Crude Oil were falling for most of the week, but it found support around the price of 93.00 dollars a barrel. So far in today’s session it seems to have found resistance at 93.75 where the line 2/8 (red line) that despite being considered as the major reversal zone has been violated and the price is falling below this level, so you can probably take it even lower to a next support line, which could be the eighth (yellow line) line. Both oscillators and the trend strength also show a downward pressure.
H4 chart
The 4-hour chart Crude oil started this new day and week with a new fall and at this time the line is already exceeding 3/8 (green line) after falling from 93.85 and violated its neutral line 4/8 (blue line). Since line 3/8 becomes the bottom line of its trading range and there is still pressure from vendors, it may also breach this level in the next few hours, however it may be that the price rebounds to the rise from 93.36, so if you want to get selling, you should expect clearer penetration below this line, so our risk is the least possible that it could be at 93.85.
The second scenario to get serious buying from 93.75 and with a stop below the low point at this time which was 93.25.
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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