Daily Chart
Crude oil is ascending slowly after remaining at almost the same positions during yesterday’s session, thus it gained almost 60 pips from its opening, however due to strong pressure in the area of line 2 / 8 (red line), it would be very risky to buy this below as the testing of these levels can lead to a price drop again. However, we can say that crude oil is showing signs of exhausting due its downward trend that we see in the bottom window of the oscillators and trend strength. However, the goal of 90.63 or even 90.00 dollars a barrel is not ruled, therefore be cautious today.
4-Hour Chart
In 4-hour chart we can see that cude oil after a crush on line 2/8 (red line), where it crosses the two uptrend lines, has been experiencing a small rebound and now is facing resistance on the green line 3/8 which becomes the basis of its range of the same trend line that could eventually do fall back to the line at least of 1/8 Murrey. Even if the price could penetrate these levels, it will find a second resistance at 93.50 and 93.75 where the neutral line 4/8 is located. Therefore, we do not find a signal that allows us to make a decision at least today.
1-Hour chart
Finally, although in the 4-hour chart we see a bullish trend started from the line 4/8 (blue line) that becomes a major support area, this time we noticed that crude oil is finding strength at the line of 6/8 (red line), which also becomes an area of strong reverse. We also have the orange top line of its trading band and finally a few pips above its weekly pivot. All this makes us believe that the CL may fall below these levels again to close at least in his area range, ie on the line 4/8. For the same reason we see no clear opportunity for purchase or sell, we can only wait until the opening of the next session.
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Performed by Antonio Inga Guerra, Analytical expert InstaForex Group © 2007-2013 |
The Crude oil: Mathematical Analysis with Murray Lines for November 29, 2013
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