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Daily chart
During the first week’s day Crude Oil, as the major currency pairs, maintained with very slow movements of just over 50 pips. Its next support at 93.75 remains intact since it is the line 2/8 (red line) Murrey line. According to Murrey lines, 2/8 and 6/8 are reverse strengths, therefore taking into account this fact we can hope that oil should drop until this line and then bounce to rise.
On the other hand, there is also the fact that the trend oscillator is below level 10 and with a visible uptrend.
4-hour chart
In the 4-hour chart we can observe that Crude Oil was moving from line -1 / 8 and found resistance at 95.31 which houses line 2/8 and retreated again next. Support is at 94.53, according to Murray lines. We can also see that in the previous session broke its downtrend line the same as at this time also becomes a support to consider, so we can expect to continue rising at least until the line 3/8 (line green), which comes to the bottom line of its trading range.
1-hour chart
Finally, the 1-hour chart shows Crude Oil is trading above its 200-day moving average and within a clear uptrend channel. A possible decline in prices could rest in 94.50, where there is the bottom line of its trend channel. Despite the fact that the price is at this time on its central line of gravitation and its band is close to its moving average, it could indicate that the attendance for us to be bullish continues. Therefore, and based on our analysis of the three charts, our suggestion is to buy above 94.50 with a stop loss of around 20 pips below 93.75, with the prospect of a rise to 97.00 first and then to the 100.00 in the medium and long term, respectively.
If you have any questions or suggestions, please contact me right through:
Email:antonio.inga@analytics.instaforex.com
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.