Crude oil: Mathematical Analysis with Murray Lines for October 17, 2013
October 17, 2013 4:45 pm
Monthly Chart
On the monthly chart we can see that crude oil is trying to find a major support at the level of $100.00 which corresponds to the line 4/8 d Murray.
This line is considered to be a strong area of support and resistance. So since the price is still above that level and until these levels decline, this could be seen as a slight decline and that could result in a long-term uptrend for crude oil. Only penetration below these levels in the days or weeks to come can override this possible scenario that we see now.
Daily Chart
On October 17, Thursday, the crude oil slumps modestly as the traders are wondering what to do without any EIA inventory data.
Oil prices moved slightly down the last two hours, however, the losses were limited as the U.S. lawmakers reached an agreement ending a government shutdown of 16 days, the decision to fund the government until January 15. The U.S. lawmakers also have made a last-minute deal to raise the debt ceiling until February 7, 2014, and later President Barack Obama signed the bill giving the market a bounce.
At this morning crude oil was trying again to sustain the level of $100.00 which corresponds to the line 0/8 (solid line) and that level is considered a last stand area.
4H Chart The 4-hour chart shows that crude oil is below its 200 period moving average and it seems that the decline may continue (notwithstanding the fact that the price has been kept in a range area and we can suggest that the line 0/8 (solid line) is the major reversal zone which is very close to the current price) which allows us to think that from this area the oil can continue a new bullish medium term move. We also consider the fact that the bottom line of the first band gravitation is around $100.00. Our recommendation is as follow: based on our analysis and technical indicators, our suggestion is that we can come up with purchase orders of 100.00 points with a stop loss of 180 pips and take profit and 380 pips to 103.90 with a risk profit of approximately 2 to 1.
If you have any questions or suggestions, please contact:
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
Monthly Chart
On the monthly chart we can see that crude oil is trying to find a major support at the level of $100.00 which corresponds to the line 4/8 d Murray.
This line is considered to be a strong area of support and resistance. So since the price is still above that level and until these levels decline, this could be seen as a slight decline and that could result in a long-term uptrend for crude oil. Only penetration below these levels in the days or weeks to come can override this possible scenario that we see now.
Daily Chart
On October 17, Thursday, the crude oil slumps modestly as the traders are wondering what to do without any EIA inventory data.
Oil prices moved slightly down the last two hours, however, the losses were limited as the U.S. lawmakers reached an agreement ending a government shutdown of 16 days, the decision to fund the government until January 15. The U.S. lawmakers also have made a last-minute deal to raise the debt ceiling until February 7, 2014, and later President Barack Obama signed the bill giving the market a bounce.
At this morning crude oil was trying again to sustain the level of $100.00 which corresponds to the line 0/8 (solid line) and that level is considered a last stand area.
4H Chart
The 4-hour chart shows that crude oil is below its 200 period moving average and it seems that the decline may continue (notwithstanding the fact that the price has been kept in a range area and we can suggest that the line 0/8 (solid line) is the major reversal zone which is very close to the current price) which allows us to think that from this area the oil can continue a new bullish medium term move. We also consider the fact that the bottom line of the first band gravitation is around $100.00.
Our recommendation is as follow: based on our analysis and technical indicators, our suggestion is that we can come up with purchase orders of 100.00 points with a stop loss of 180 pips and take profit and 380 pips to 103.90 with a risk profit of approximately 2 to 1.
If you have any questions or suggestions, please contact:
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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