Crude oil: Mathematical Analysis with Murray lines for November 20, 2013
November 20, 2013 2:30 pm
Weekly Gchart
Crude Oil prices continued to fall on Wednesday reaching a new low at 92.43. Prices fell rapidly following a comment by the President of New York Federal Reserve, William Dudley, who said he was “increasingly optimistic” about the prospects for the U.S. economic recovery. Prices also trembled after an increase in Saudi oil production by about productio10 mmbpd and North Dakota USA, which was about 1mmbpd. Reuters predicted that oil inventories in the United States would increase by 100,000 barrels last week.
Oil traders are waiting for the American Petroleum Institute and the Energy Information Administration EIA publish the weekly U.S. data , which is scheduled for Wednesday.
Meanwhile, in the weekly chart Crude Oil rebounded from its S -1 weekly and now stands at 93.35 where in the monthly charts its S – 1 Monthly is.
Daily chart
The daily chart shows the oscillating Crude Oil on the line 2/8 (red line) located at 93.75. Since this line is an important area of reversal and taking into account the lower uptrend line in our opinion there is a high probability despite macroeconomic data and Oil supply with high surpluses that CL can find support and range oscillation in this area and then begin a recovery up to at least $100 a barrel, which could be seen more clearly when the price exceeds 93.75 clearly at least the third part of a bullish candle above this level.
H4 chart
In 4-hour chart it has created a new line of support at 92.40 then the minimum reached during yesterday’s session. And right now there are two levels that limit both an advance and a drop of Crude Oil. On one hand, falling down the minimum of 92.40 in the next few hours, we could be in a scenario to continue falling until a new support around the line eighth (yellow line) or $90.00 per barrel. Moreover, overcoming the line 2/8 and thus the downtrend line passing through this level would result in a possible recovery that could lead to its support line at 95.65 or even to its base line trading range is 96.88 located on the line defined by 3/8.
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
Weekly Gchart
Crude Oil prices continued to fall on Wednesday reaching a new low at 92.43. Prices fell rapidly following a comment by the President of New York Federal Reserve, William Dudley, who said he was “increasingly optimistic” about the prospects for the U.S. economic recovery. Prices also trembled after an increase in Saudi oil production by about productio10 mmbpd and North Dakota USA, which was about 1mmbpd. Reuters predicted that oil inventories in the United States would increase by 100,000 barrels last week.
Oil traders are waiting for the American Petroleum Institute and the Energy Information Administration EIA publish the weekly U.S. data , which is scheduled for Wednesday.
Meanwhile, in the weekly chart Crude Oil rebounded from its S -1 weekly and now stands at 93.35 where in the monthly charts its S – 1 Monthly is.
Daily chart
The daily chart shows the oscillating Crude Oil on the line 2/8 (red line) located at 93.75. Since this line is an important area of reversal and taking into account the lower uptrend line in our opinion there is a high probability despite macroeconomic data and Oil supply with high surpluses that CL can find support and range oscillation in this area and then begin a recovery up to at least $100 a barrel, which could be seen more clearly when the price exceeds 93.75 clearly at least the third part of a bullish candle above this level.
H4 chart
In 4-hour chart it has created a new line of support at 92.40 then the minimum reached during yesterday’s session. And right now there are two levels that limit both an advance and a drop of Crude Oil. On one hand, falling down the minimum of 92.40 in the next few hours, we could be in a scenario to continue falling until a new support around the line eighth (yellow line) or $90.00 per barrel. Moreover, overcoming the line 2/8 and thus the downtrend line passing through this level would result in a possible recovery that could lead to its support line at 95.65 or even to its base line trading range is 96.88 located on the line defined by 3/8.
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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