The Crude oil: Mathematical Analysis with Murray Lines for October 15, 2013
October 15, 2013 4:15 pm
Daily Graphics
After reaching a maximum at 102.60 on Monday, the light crude oil (CL) retracted downwards today from the area near the bottom line of the upward channel trend (pink line). However, since there is another bottom line around 100.60 and 100.50 (purple line), 100.00 further is the line 0/8 of Murrey that is considered as a strong area of reverse. Therefore, it is likely that crude will remain within the zone of 100.00 and 103.00.
4-Hour Graphics
The 4H chart also shows the crude oil retreating from the center line of gravity of his band, plus the 200 period moving average is currently above the quoted price. On the other hand, we note that 102.34 is the 3/8 (green line) of Murray, the same which comes to the bottom line of its trading range, and if the prices fixes this time below these levels, then the bearish bias still remains. However, both the 1/8 and 0/8 lines are strong resistance levels for CL. On the other hand, a quote above 102.70 will be a new stage.
1-Hour Graphics
The 1-hour chart shows the crude oil is moving into a more specific area range from October 11. The line 2/8 (red line) can be considered an important support zone. On the other hand, in this time frame we also saw that the CL found resistance at 102.34 area where the line is located at 6/8 (red line) and in this case acts as resistance.
In this area we also have the top two lines of its downtrend channel so a bullish trend would eventually develop only from 102.74, while there are the chances that the CL continues a sideways trend between the lines 6 / 8 and 2/8, so we do not see an input signal for today.
If you have any questions or suggestions, please contact me via 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 Graphics
After reaching a maximum at 102.60 on Monday, the light crude oil (CL) retracted downwards today from the area near the bottom line of the upward channel trend (pink line). However, since there is another bottom line around 100.60 and 100.50 (purple line), 100.00 further is the line 0/8 of Murrey that is considered as a strong area of reverse. Therefore, it is likely that crude will remain within the zone of 100.00 and 103.00.
4-Hour Graphics
The 4H chart also shows the crude oil retreating from the center line of gravity of his band, plus the 200 period moving average is currently above the quoted price. On the other hand, we note that 102.34 is the 3/8 (green line) of Murray, the same which comes to the bottom line of its trading range, and if the prices fixes this time below these levels, then the bearish bias still remains. However, both the 1/8 and 0/8 lines are strong resistance levels for CL. On the other hand, a quote above 102.70 will be a new stage.
1-Hour Graphics
The 1-hour chart shows the crude oil is moving into a more specific area range from October 11. The line 2/8 (red line) can be considered an important support zone. On the other hand, in this time frame we also saw that the CL found resistance at 102.34 area where the line is located at 6/8 (red line) and in this case acts as resistance.
In this area we also have the top two lines of its downtrend channel so a bullish trend would eventually develop only from 102.74, while there are the chances that the CL continues a sideways trend between the lines 6 / 8 and 2/8, so we do not see an input signal for today.
If you have any questions or suggestions, please contact me via 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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