Crude oil: Mathematical analysis with Murray Lines for October 31, 2013
October 31, 2013 4:15 pm
Daily chart
Crude Oil continues to fall to the levels last seen in late June of this year, after data showed that weekly jobless claims in the U.S. fell less than expected.
The downward trend was bolstered Wednesday when the Energy Information Administration EIA said crude supplies rose 4.1 million barrels in the week ended October 25, topping expectations expected.
So the picture is likely to see declines even to the levels of 94.00 or 93.75, although its next support is at 95.56 where there is 1-week support.
4-hour chart
On the 4 hour chart we can see that Crude Oil is already surpassing the line 6/8 (red line) which is considered as an important line of support / resistance. Therefore since the price has been dropping and is below this level will be a resistance area to consider, in addition to the top line of the trend channel. The next support at this time frame is delimited by the green line of 5/8, in this case it becomes the top line of the trading range and it will definitely be a support to the CL must overcome in order to continue the bearish scenario. But although the oscillator strength shows that it is still in control of the bears, however the trend oscillator shows signs of exhaustion and this trend could change at any time.
So our suggestion is to wait for the price to touch 95.00-95.30 levels to enter purchase orders with minimal risk.
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
Crude Oil continues to fall to the levels last seen in late June of this year, after data showed that weekly jobless claims in the U.S. fell less than expected.
The downward trend was bolstered Wednesday when the Energy Information Administration EIA said crude supplies rose 4.1 million barrels in the week ended October 25, topping expectations expected.
So the picture is likely to see declines even to the levels of 94.00 or 93.75, although its next support is at 95.56 where there is 1-week support.
4-hour chart
On the 4 hour chart we can see that Crude Oil is already surpassing the line 6/8 (red line) which is considered as an important line of support / resistance. Therefore since the price has been dropping and is below this level will be a resistance area to consider, in addition to the top line of the trend channel. The next support at this time frame is delimited by the green line of 5/8, in this case it becomes the top line of the trading range and it will definitely be a support to the CL must overcome in order to continue the bearish scenario. But although the oscillator strength shows that it is still in control of the bears, however the trend oscillator shows signs of exhaustion and this trend could change at any time.
So our suggestion is to wait for the price to touch 95.00-95.30 levels to enter purchase orders with minimal risk.
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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