Crude oil: Mathematical analysis with Murray Lines for October 11, 2013
October 11, 2013 3:30 pm
Daily chart
Light crude oil is higher after reaching lower during the previous days. Today it is having a sharp drop and reaches 200 pips so far in the trading day. This happened after it was trying unsuccessfully to violate 103.13 area, where the line 2/8 (red line) is located. At this point, quoted under 101.56 there is the yellow line of 1/8 of Murrey. Since this level is weak line strength, this fall may be extended up to $100.00 per barrel that apart from being an important psychological level, so it is also a support level in prior years.
4-hour chart
It should be noted that after contributing for several hours prior to its top line of the trend channel in this time frame in the last 4 hours of negotiation crude oil is again entering below this trend line with a high probability to continue its downtrend. Since the line eighth (yellow line) is also considered as a weak level of support, you may last until the fall line 0/8 and even to the extreme line exceeded -1/8 given the high volatility of crude oil.
1-hour chart
Crude oil is currently trading below its daily support, 101.50. Since there is a downtrend and daily -1 S acts as a support, one should consider a continuation of the downward trend rebounding after 4 hours prior. After the news was published from the U.S. as inflation expectations and consumer sentiment are likely to see some significant movements in the rest of the day. Bringing crude oil could even reach the daily support area three S -3 which is located at 0.9911.
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f you have any questions or suggestions, please contact me right through: Email:[email protected]
DISCLAIMERNo 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
Light crude oil is higher after reaching lower during the previous days. Today it is having a sharp drop and reaches 200 pips so far in the trading day. This happened after it was trying unsuccessfully to violate 103.13 area, where the line 2/8 (red line) is located. At this point, quoted under 101.56 there is the yellow line of 1/8 of Murrey. Since this level is weak line strength, this fall may be extended up to $100.00 per barrel that apart from being an important psychological level, so it is also a support level in prior years.
4-hour chart
It should be noted that after contributing for several hours prior to its top line of the trend channel in this time frame in the last 4 hours of negotiation crude oil is again entering below this trend line with a high probability to continue its downtrend. Since the line eighth (yellow line) is also considered as a weak level of support, you may last until the fall line 0/8 and even to the extreme line exceeded -1/8 given the high volatility of crude oil.
1-hour chart
Crude oil is currently trading below its daily support, 101.50. Since there is a downtrend and daily -1 S acts as a support, one should consider a continuation of the downward trend rebounding after 4 hours prior. After the news was published from the U.S. as inflation expectations and consumer sentiment are likely to see some significant movements in the rest of the day. Bringing crude oil could even reach the daily support area three S -3 which is located at 0.9911.
f 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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