FX.co ★ The Crude oil - Mathematical analysis with Murray lines for September 23, 2013

Daily chart

As discussed in our last analysis, breaking the bottom line of its trend we would indicate a continuation in the decline in the price of Crude oil and watching the movements of the first hour of the first day of the week we can see that this is what is happening. Crude oil is moving downward taking as a likely target of 103.13 area, where the line 5/8 (green line) is located, which besides being an important support zone, it becomes the top line of your range quote.

4-hour chart

Watching the 4-hour chart we can see that Crude oil, after moving from 108.95 so far and having lost more than $5 per barrel, but apparently found significant support in 103.13 which houses line 0/8 (solid line), which is considered a final line of support that is hard to break.

On the other hand, both the oscillator and the oscillator strength of trend show us Crude oil is in oversold zone for this time frame, with a high probability of a rebound of at least 300 points to the centerline of its range located at 106.25 contribution where there is the line 4/8 (blue line).

1-hour chart

Similarly, on the 1-hour chart we can see that close to the line of -1/8 (orange line) is lower green line, which shows a possible rebound at least 200 pips to 104.69 and then eventually continue its downtrend overall downward at least to reach $100 a barrel.

Our recommendation: Based on the analysis of the 3 graphics, our tip for today:

Buy up to: 103.13

Stop loss at: 102.54

Take profit at: 104.49

Risk management for a 2 to 1

If you have any questions or suggestions, please contact me right through:

Email:antonio.inga@analytics.instaforex.com

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