Crude oil: Mathematical analysis with Murray Lines for November 26, 2013
November 26, 2013 3:15 pm
Daily chart
During Monday’s session after having opened the day with a gap Crude Oil attempted to record a new low below 92.43. However, it failed, as we can see in this area there is an accumulation of dealers which will likely cause the prices to continue moving laterally. Moreover, the line 2/8 (red line) becomes a major reversal area and now CL is trading above that level and if our level of risk is hard buying positions at these levels should place it about 30 pips below that line.
4-hour chart
We see that after hitting the end zone, as the line overrun -1/8 (purple line), Crude Oil experienced a rebound in the final hours of the yesterday’s session and the same continues until now over two uptrend lines. Although at this time it seems that finding a slight resistance comes in 1/8 and could experience a retraction to 93.75, it most likely to go uphill until it finds the next resistance at the line 3/8 (green line), which becomes the basis of its trading range line.
1-hour chart
Finally on the 1-hour chart Crude Oil is trading above its weekly pivot and above its centerline trading band. However, it would be no surprise that instead of continuing to search again ascending line supported on the 0/8 (blue line) or even on line -1/8 (orange line), creating a double deck on a trendline. Thus, giving us a new buying opportunity with much lower levels of risk.
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
During Monday’s session after having opened the day with a gap Crude Oil attempted to record a new low below 92.43. However, it failed, as we can see in this area there is an accumulation of dealers which will likely cause the prices to continue moving laterally. Moreover, the line 2/8 (red line) becomes a major reversal area and now CL is trading above that level and if our level of risk is hard buying positions at these levels should place it about 30 pips below that line.
4-hour chart
We see that after hitting the end zone, as the line overrun -1/8 (purple line), Crude Oil experienced a rebound in the final hours of the yesterday’s session and the same continues until now over two uptrend lines. Although at this time it seems that finding a slight resistance comes in 1/8 and could experience a retraction to 93.75, it most likely to go uphill until it finds the next resistance at the line 3/8 (green line), which becomes the basis of its trading range line.
1-hour chart
Finally on the 1-hour chart Crude Oil is trading above its weekly pivot and above its centerline trading band. However, it would be no surprise that instead of continuing to search again ascending line supported on the 0/8 (blue line) or even on line -1/8 (orange line), creating a double deck on a trendline. Thus, giving us a new buying opportunity with much lower levels of risk.
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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