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Crude oil: Mathematical Analysis with Murray Lines for October 14, 2013
October 14, 2013 10:45 amVideo
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Weekly chart
Crude Oil WTI ended the week at 101.79 after reaching a minimum at 101.60 and close to about $2 from the opening of Monday and for some time it looked like it could close even below $100.00 during the Friday’s session.
U.S. oil production totaled 7,810,000 barrels per day last week, about a maximum of 24 years, according to the EIA, the statistical arm of the Energy Department. The stock rose 6.81 million barrels, or 1.9 percent, to 370.5 million.
Taking these data into account, in the weekly chart we see that CL begins the week below its weekly pivot at 102.15, so we think it is likely that this week it will also decline with a possible closure below its support 2, which is located at 0.9868.
Daily chart
In the daily chart we see that Crude Oil is in the line eighth (yellow line), which is considered as a weak support area. Moreover, we suggest that the price will try to find the minimum reached during the session on Friday. On the other hand, we can also note that during Friday’s session, the bottom line of its weekly trend channel (pink line) was violated. so although the price will return to the levels of 102.15 or very close to this area, it would only be a boost to continue its downward move to the purple line area, where the line of -1/8 lies.
H4 chart
In H4 chart note that the trading is below the 102.00 resistance, which is below the 200-day moving average, which coincides with the center line of the center of gravity. So the price is likely to have a retraction to the levels of 102.50/102.80 and then continue to fall below 100.00 a barrel.
Our recommendation: Based on the analysis, our suggestion for this week is:
Sell below: 102.80
Stop loss at: 103.20
Take Profit at: 0.9950
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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