Weekly chart
Crude oil fell below 93.75 last Saturday after the agreement between Iran and the U.S. along with other permanent members of the Security Council of the UN and Germany was announced. The agreement imples a halt to Iran’s efforts to improve its ability to enrich uranium and allow greater monitoring of its nuclear program.
The deal, announced on Saturday, did not include any easing of sanctions on Iran’s sales of crude oil, although some analysts said would probably be held again until a long-term agreement is reached.
So in the weekly chart we can see that crude oil is below its weekly pivot and below 7/8 and crossed the bottom line of its trend channel with a likely short-term goal at 92.97.
Daily chart
Elsewhere on the daily chart, we see that crude oil opened with a gap of about 60 pips below its previous close and is located below the 2/8 (red line) with a likely target in the medium term at 90.63, where the line eighth (yellow line) is located.
Although both the oscillator and the oscillator strength of trend are showing signs of a decline and possible consolidation around these areas could well be at 90.63.
4-hour chart
Finally, in the 4-hour chart crude oil is also currently below the line 0/8 (blue line) and is sustained only by a slight uptrend line. It would probably end up being breached in the next hours with a chance of scoring a new low at the line of 2/8 which would be its last line of support in this time frame. On the other hand, it could also be supported at the line of 1/8 (purple line), the basic line of its trading range since November 5. Therefore, it is possible to observe a change in direction from these levels.
If you have any questions or suggestions, please contact me right through email: antonio.inga@analytics.instaforex.com
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Performed by Antonio Inga Guerra, Analytical expert InstaForex Group © 2007-2013 |
Crude oil: Mathematical analysis with Murray Lines for November 25, 2013
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