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Daily chart
Crude oil could not overcome the barrier created by the top line of the trend channel and even more during yesterday's session and continued retreating below its daily pivot at this point to quote almost 100 pips below this level and being supported at the line 3/8 (green line) which comes to the bottom line of its trading range. Therefore, our entry point when accessing short-term selling would be done below the line of its first support at 96.75 with short-term line 2/8 (red line).
Moreover, the second scenario would be buying hard over its first resistance at 97.92 with targets to $100.00 per barrel.
4-Hour chart
The 4-hour chart shows crude oil still trading above its line 6/8 (red line) and its centerline channel of its upward channel. Since today is weekendб it is expected that prices could fall even to 96.50 where we have a stand and on which it is possible to find support for a consolidation phase in the coming days. But to enter these levels with any position, we are expected to have clear signals in any direction, which can probably see the end of this day.
1-Hour chart
Finally, 1-hour chart shows clearly that crude oil is also moving from end to end within mathematics Murrey lines. So, after reaching the line +1 / 8 (purple line), it is currently trading at the line -1 / 8 (purple line infer) the same that is expected to be extreme quotation areas. Moreover, we must also take into account that this line is the same as in 96.68, a significant support level when compared with the previous graphs. Therefore, according to this chart, it is more likely to continue rising from these levels through what we could place our stop loss below 96.48 and enter with buy positions above 96.88.
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.