Crude oil: Mathematical analysis with Murray Lines for October 24, 2013
October 24, 2013 4:15 pm
Daily chart
US light sweet oil price was falling since the release of EIA’s Weekly Petroleum Status Report which hit a four-month low at $96.46 per barrel. The delayed report showed that US crude stockpiles had increased more than expected in a week ending h October 11 (by 4 million barrels instead of expected 2.2 million). The unexpected built in crude stockpiles stemmed from lower utilization rate which fell to its 5 year October average. At this point is finding a support at 96.10 and this fall could last until S -2 which is located about 100 pips lower at 95.09.
4-hour chart
On 4-hour chart we can see similarly that the price listed on their weekly support number 3 and very close to your monthly support Issue 2. On the other hand, we also note that in this area there is the bottom line of the trend channel. Regarding Murrey lines, the price is located below the line of 2/8 considered a strong area of reverse as in an extreme case we can expect that the decline of this day to extend to the area of 95.00 and 95.30, an area in which we find the Crude Oil holder.
1-hour chart Finally the 1-hour chart shows a Crude Oil below 200-day moving average but finding support at 0.9600 after trading for several days in a narrow channel of its downtrend. Also we can see that the line is 3/8 (green line) is considered the same as the bottom line of its trading range and we note as from yesterday the price has moved into this area range. Therefore, the price would have to pass these levels significantly in order to continue its downtrend, until that happens we can expect a rebound above 96.00, which we believe is more likely to occur in the next few hours or tomorrow.
If you have any questions or suggestions, please contact me right through:
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
US light sweet oil price was falling since the release of EIA’s Weekly Petroleum Status Report which hit a four-month low at $96.46 per barrel. The delayed report showed that US crude stockpiles had increased more than expected in a week ending h October 11 (by 4 million barrels instead of expected 2.2 million). The unexpected built in crude stockpiles stemmed from lower utilization rate which fell to its 5 year October average.
At this point is finding a support at 96.10 and this fall could last until S -2 which is located about 100 pips lower at 95.09.
4-hour chart
On 4-hour chart we can see similarly that the price listed on their weekly support number 3 and very close to your monthly support Issue 2. On the other hand, we also note that in this area there is the bottom line of the trend channel. Regarding Murrey lines, the price is located below the line of 2/8 considered a strong area of reverse as in an extreme case we can expect that the decline of this day to extend to the area of 95.00 and 95.30, an area in which we find the Crude Oil holder.
1-hour chart
Finally the 1-hour chart shows a Crude Oil below 200-day moving average but finding support at 0.9600 after trading for several days in a narrow channel of its downtrend. Also we can see that the line is 3/8 (green line) is considered the same as the bottom line of its trading range and we note as from yesterday the price has moved into this area range. Therefore, the price would have to pass these levels significantly in order to continue its downtrend, until that happens we can expect a rebound above 96.00, which we believe is more likely to occur in the next few hours or tomorrow.
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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