Crude oil - Mathematical analysis with Murray lines for August 26, 2013

[Mr. Job]

الصحف المصرية والعربية

Weekly graphic

Today, we begin a new week full of macro-economic data that will surely affect the market which can easily carry crude oil prices to the levels of 112.50 dollars per barrel. Having fluctuated above and below the line level +1 / 8 in the price of 106.25 during the previous weeks, beginning the first day of this last week at this time listed on 107.03 and above the line +1 / 8 (purple line) considered an extreme level of contribution. But having found significant support around 103.95 which houses its S-1 Weekly, the outlook appears optimistic bulls continue.

Global tensions continue to support prices even though Libya was able to start exports once again. Apparently the market has discounted the possible effects of the U.S. Fed and now is ready to move according to supply and demand. And the geopolitical risks to supply, such as strong manufacturing data in China and the U.S. boosted hopes that demand.



Daily Graphic

In 1-day charts, trend channel Crude Oil shows a clear upward trend having found significant support around 103.13 where is located the green line 5/8 which is to be the top line of its trading range and crude oil that has tried to overcome several times but without success. At this moment in this time frame listed on line 106.95 on 6/8 (red line) considered a strong point of reversal. Saw the picture as well, the next target would be at 7/8 and is often considered as a weak line of resistance, the upward trend would continue until 112.50.



Graphics for 4 hours

Finally, in 4 hours charts we can see that crude oil, open after a gap of almost 60 pips trading currently below its trading range bounded by the line 5/8 (green line) which could eventually take it to a retraction to the line 4/8 or even the basis of their trading range located in 3/8 to make a push towards the boost as mentioned in the previous review, could be extended in a first tranche to 109.38 .

Based on our analysis of the three graphs:

Our recommendation for today, Monday August 26 is:

Buy above 105.47

Take profit at: 109.00

Stop loss at: 105.20

For minimum risk of handling 1-1



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The material has been provided by InstaForex Company - www.instaforex.com

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