Crude oil – Mathematical analysis with Murray lines for August 15, 2013
August 15, 2013 6:15 am
Daily Graphic
At the end of Wednesday’s session, Crude oil closed its fourth consecutive day upwards. After meeting the weekly inventory report showed a larger than expected drop.
Operators can expect oil prices rise the expectations of lower inventories and Libya supply concerns can further support prices.
In 4-hour chart, we can see the crude oil on the line 5/8 (green line) which came to be the top line of the trading range. Being located at this level crude oil field is located upward again. This gives us an opportunity to get into buying positions on the line with an expectation 107.03 to 109.38 where the line 8/8 (blue line) that becomes a major resistance line hard to beat.
However, we must note that the line 7/8 located at 108.59 but is considered a weak resistance line, if the price stops near it would be before a possible change in trend.
Graphic 1 Hour
In 1 hour charts, the oil is trading at 107.11 right now on line 6/8 of Murrey lines. Since it is on the trading range levels, the odds of the black gold continues its upward trend is high, but in this time frame we will also have to take into account the line 8/8 (blue line ) since it becomes a line of resistance that could cause retraction in case of crude oil that fails to extend to the lines +1 / 8 0 +2 / 8. Furthermore, and not least also be taken into account line red downtrend may be driving prices downward.
The material has been provided by InstaForex Company – www.instaforex.com
Daily Graphic
At the end of Wednesday’s session, Crude oil closed its fourth consecutive day upwards. After meeting the weekly inventory report showed a larger than expected drop.
Operators can expect oil prices rise the expectations of lower inventories and Libya supply concerns can further support prices.
In 4-hour chart, we can see the crude oil on the line 5/8 (green line) which came to be the top line of the trading range. Being located at this level crude oil field is located upward again. This gives us an opportunity to get into buying positions on the line with an expectation 107.03 to 109.38 where the line 8/8 (blue line) that becomes a major resistance line hard to beat.
However, we must note that the line 7/8 located at 108.59 but is considered a weak resistance line, if the price stops near it would be before a possible change in trend.
Graphic 1 Hour
In 1 hour charts, the oil is trading at 107.11 right now on line 6/8 of Murrey lines. Since it is on the trading range levels, the odds of the black gold continues its upward trend is high, but in this time frame we will also have to take into account the line 8/8 (blue line ) since it becomes a line of resistance that could cause retraction in case of crude oil that fails to extend to the lines +1 / 8 0 +2 / 8. Furthermore, and not least also be taken into account line red downtrend may be driving prices downward.
The material has been provided by InstaForex Company – www.instaforex.com
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