Crude oil: Mathematical analysis with Murray Lines for November 21, 2013
November 21, 2013 3:30 pm
Weekly chart
Weekly chart shows a substantial recovery only during the session today after yesterday’s session closed with almost no movement and “indecision candle”. At this point, trading on its weekly pivot line is at 93.87 and comes at an interesting hammer which probably closed this week as a possible bullish continuation. Firstly, it is limited by the bottom line of its uptrend and secondly, its weekly support one is located at 95.22. For all these reasons it is likely that during the following days the price of Crude Oil will oscillate between these ranges.
Daily chart
The daily chart also seems to show a possible change in trend. After the Energy Information Administration EIA had issued the latest weekly inventory of crude oil and it seems to have decreased considerably compared to the previous inventory, things seem to take a new direction. So Crude Oil is completely unable to break the barrier of 93.75 dollars, where there is the line 2/8 (red line). It is considered a major reversal zone and the price right now is on this line and the same will now be a support to consider.
4-hour chart
4-hour chart shows Crude Oil is above line 2/8 (red line) after that during the last 8 hours just for breaking the downtrend line crossing this area. So we believe that the price rage in search of a new resistance could be located on 95.47 or 96.88 where there is the line 3/8 (green line), which becomes the baseline of its trading range. Same reason we can eventually get buying top of the line 2/8, which is above 93.75 with a stop loss of 40 pips below this line in order to minimize risk. Our goal could fix it in 96.50.
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
Weekly chart
Weekly chart shows a substantial recovery only during the session today after yesterday’s session closed with almost no movement and “indecision candle”. At this point, trading on its weekly pivot line is at 93.87 and comes at an interesting hammer which probably closed this week as a possible bullish continuation. Firstly, it is limited by the bottom line of its uptrend and secondly, its weekly support one is located at 95.22. For all these reasons it is likely that during the following days the price of Crude Oil will oscillate between these ranges.
Daily chart
The daily chart also seems to show a possible change in trend. After the Energy Information Administration EIA had issued the latest weekly inventory of crude oil and it seems to have decreased considerably compared to the previous inventory, things seem to take a new direction. So Crude Oil is completely unable to break the barrier of 93.75 dollars, where there is the line 2/8 (red line). It is considered a major reversal zone and the price right now is on this line and the same will now be a support to consider.
4-hour chart
4-hour chart shows Crude Oil is above line 2/8 (red line) after that during the last 8 hours just for breaking the downtrend line crossing this area. So we believe that the price rage in search of a new resistance could be located on 95.47 or 96.88 where there is the line 3/8 (green line), which becomes the baseline of its trading range. Same reason we can eventually get buying top of the line 2/8, which is above 93.75 with a stop loss of 40 pips below this line in order to minimize risk. Our goal could fix it in 96.50.
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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