Crude oil: mathematical analysis with Murray lines for October 27, 2013
October 28, 2013 6:45 am
Daily chart
The WTI crude oil price fell to the lowest level in almost four months on Wednesday as data signaled ample supplies in the United States, the world’s largest oil consumer. The U.S. Energy Information Administration said crude supplies increased by 5.2 million barrels, to 379.8 million barrels for the week ended Oct. 18, beating analysts’ expectation of 4 million barrels. Today traders will evaluate the US durable goods report along with consumer confidence numbers, which might affect the price of crude late in the US session.
After that, on Friday experienced Crude Oil recovery as a result of improved manufacturing data from China, the second largest consumer of oil and this suggested an improved outlook for energy demand.
For this upcoming week, the oil seems to have found a floor in line -1/8. To see this more clearly, we should expect the price to exceed its weekly pivot at 98.24.
H4 chart
The 4-hour chart also shows an important support zone near the line of 6/8 (red line) considered as reverse strength. Although, last week, it attempted to trade down the line, achieving in breaking it in more than four times. The price found its support at the bottom line of its trading channel, and I can not get to touch the line 5/8, which is to be the top line of its trading range. For this reason, our outlook for today is that Crude Oil will continue to recover to the upside.
H1 chart
Finally, the 1 hour chart shows rising curve of its trading band, and we can see that at this time the crude oil is finding support at its line of 6/8 in this time frame, the same that is at your 200-period moving average. However, since there is still no buyer power before the opening of the American market, it is likely to fall to the online price of 4/8 (blue line), located at 96.88 and then continue ascending.
Therefore, our recommendation for today is buy above 96.88 with a maximum risk of 120 pips for a potential minimum gain of 2-1.
If you have any questions or suggestions, please contact me right through:
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 chart
The WTI crude oil price fell to the lowest level in almost four months on Wednesday as data signaled ample supplies in the United States, the world’s largest oil consumer. The U.S. Energy Information Administration said crude supplies increased by 5.2 million barrels, to 379.8 million barrels for the week ended Oct. 18, beating analysts’ expectation of 4 million barrels. Today traders will evaluate the US durable goods report along with consumer confidence numbers, which might affect the price of crude late in the US session.
After that, on Friday experienced Crude Oil recovery as a result of improved manufacturing data from China, the second largest consumer of oil and this suggested an improved outlook for energy demand.
For this upcoming week, the oil seems to have found a floor in line -1/8. To see this more clearly, we should expect the price to exceed its weekly pivot at 98.24.
H4 chart
The 4-hour chart also shows an important support zone near the line of 6/8 (red line) considered as reverse strength. Although, last week, it attempted to trade down the line, achieving in breaking it in more than four times. The price found its support at the bottom line of its trading channel, and I can not get to touch the line 5/8, which is to be the top line of its trading range. For this reason, our outlook for today is that Crude Oil will continue to recover to the upside.
H1 chart
Finally, the 1 hour chart shows rising curve of its trading band, and we can see that at this time the crude oil is finding support at its line of 6/8 in this time frame, the same that is at your 200-period moving average. However, since there is still no buyer power before the opening of the American market, it is likely to fall to the online price of 4/8 (blue line), located at 96.88 and then continue ascending.
Therefore, our recommendation for today is buy above 96.88 with a maximum risk of 120 pips for a potential minimum gain of 2-1.
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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