The Crude oil – Mathematical Analysis with Murray Lines for September 02, 2013
September 2, 2013 8:45 am
Weekly Graphic
As we begin this first week of September, the markets are full of uncertainty and we can see in the weekly charts crude oil is already showing some volatility. A possible air attack on Syria and the jobs report in August will contribute to this volatility after the holiday to the U.S.. Notwithstanding Murrey lines for today Monday, we show the crude oil trading around 106.10, below the line +1 / 8 (purple line) considered among one of the lines on which end overrun has oscillated oil prices during the previous weeks. So technically it is likely that from this point the prices could fall to the line 8/8 by way of respite for a bullish continuation to the possibility of a military attack against the Syrian government and concerns about oil supplies in the Middle East, where a third of the world’s oil is pumped.
Daily Graphic
In 1-day charts we note that crude oil is now in 106.11, which is below the 6/8 (red line) having reached a minimum quote of 104.21. Which makes us think that the price tried to reach that level again, even to 103.13 where the line is located 5/8 (green line) the same line becomes the top of its trading range. But to reach such levels would be breaking the bottom line of the trend channel, which could bring even the levels of 100.00 dollars per barrel.
Graphics for 4 hours
In 4 hours charts we note that the previous sailing time frame like the crude oil has broken a trendline to reach their baseline trading range around 104.69 where the line is located 3/8 (line green) Murray lines and then retract to its center line located at range 4/8 (blue line). With such movement is located under a downtrend that could well bring prices around 101.56 where we see the line 1/8 for this time frame, along with a support line that is at 100.97.
Therefore, our suggestion for Monday is:
Sell below: 106:25
Stop Loss at: 107.03
Take Profit: 104.30
For minimum risk of handling 2 to 1
If you have any questions or suggestions, please contact me right through:
Weekly Graphic
As we begin this first week of September, the markets are full of uncertainty and we can see in the weekly charts crude oil is already showing some volatility. A possible air attack on Syria and the jobs report in August will contribute to this volatility after the holiday to the U.S.. Notwithstanding Murrey lines for today Monday, we show the crude oil trading around 106.10, below the line +1 / 8 (purple line) considered among one of the lines on which end overrun has oscillated oil prices during the previous weeks. So technically it is likely that from this point the prices could fall to the line 8/8 by way of respite for a bullish continuation to the possibility of a military attack against the Syrian government and concerns about oil supplies in the Middle East, where a third of the world’s oil is pumped.
Daily Graphic
In 1-day charts we note that crude oil is now in 106.11, which is below the 6/8 (red line) having reached a minimum quote of 104.21. Which makes us think that the price tried to reach that level again, even to 103.13 where the line is located 5/8 (green line) the same line becomes the top of its trading range. But to reach such levels would be breaking the bottom line of the trend channel, which could bring even the levels of 100.00 dollars per barrel.
Graphics for 4 hours
In 4 hours charts we note that the previous sailing time frame like the crude oil has broken a trendline to reach their baseline trading range around 104.69 where the line is located 3/8 (line green) Murray lines and then retract to its center line located at range 4/8 (blue line). With such movement is located under a downtrend that could well bring prices around 101.56 where we see the line 1/8 for this time frame, along with a support line that is at 100.97.
Therefore, our suggestion for Monday is:
Sell below: 106:25
Stop Loss at: 107.03
Take Profit: 104.30
For minimum risk of handling 2 to 1
If you have any questions or suggestions, please contact me right through:
Email:[email protected]
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: