Crude oil – Mathematical analysis with Murray Lines for October 03, 2013
October 3, 2013 1:15 pm
The Light Sweet Crude accumulated three weeks consecutive fall in weekly chart due to the fact that investors were relieved after tensions over Syria and Iran diminished and improved oil supplies from Libya, these data pressured the low to oil, but found support in the area of 101.01; now, the weekly candle suggests we could see a continuation of the bearish sequence or new maximums for the future. Therefore, we recommend noting the 106.26 area, because there is the 1/8 weekly resistance level, which could be a good level to sell the oil.
Light Sweet Crude Oil, was up 2% at market close Wednesday around 104 dollars per barrel, this level of 104.30 to 104.65, is an area that we talked about before, and we think you could offer much resistance to Crude Oil. On the other hand, closing the U.S. Government for the first time in 17 years after President Barack Obama rejected Republican demands reverse the health law, which can affect oil demand since it is the largest oil consumer in the world by volume. Therefore, in daily chart, we can see a drop of oil back to 101.80 support area, if this level is broken, it will be the beginning of the continuation bearish crude to the 98.50 levels. Above 104, buy, to the level of 106.25 weekly resistance.
In the 4-hour chart, we see that oil has stopped in the area of 104.15 of strong resistance and bearish channel ceiling, a close in 4-hour chart, above this area will be seen as positive and undoubtedly, will drive the market higher. Now, on Friday with non-farm payrolls is likely that the value of the U.S. dollar are severely impacted. That being the case, it is also very likely that the crude oil market, may be relatively quiet.
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
The Light Sweet Crude accumulated three weeks consecutive fall in weekly chart due to the fact that investors were relieved after tensions over Syria and Iran diminished and improved oil supplies from Libya, these data pressured the low to oil, but found support in the area of 101.01; now, the weekly candle suggests we could see a continuation of the bearish sequence or new maximums for the future. Therefore, we recommend noting the 106.26 area, because there is the 1/8 weekly resistance level, which could be a good level to sell the oil.
Light Sweet Crude Oil, was up 2% at market close Wednesday around 104 dollars per barrel, this level of 104.30 to 104.65, is an area that we talked about before, and we think you could offer much resistance to Crude Oil. On the other hand, closing the U.S. Government for the first time in 17 years after President Barack Obama rejected Republican demands reverse the health law, which can affect oil demand since it is the largest oil consumer in the world by volume. Therefore, in daily chart, we can see a drop of oil back to 101.80 support area, if this level is broken, it will be the beginning of the continuation bearish crude to the 98.50 levels. Above 104, buy, to the level of 106.25 weekly resistance.
In the 4-hour chart, we see that oil has stopped in the area of 104.15 of strong resistance and bearish channel ceiling, a close in 4-hour chart, above this area will be seen as positive and undoubtedly, will drive the market higher. Now, on Friday with non-farm payrolls is likely that the value of the U.S. dollar are severely impacted. That being the case, it is also very likely that the crude oil market, may be relatively quiet.
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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