Daily Graphic
Crude oil prices remain in the 106.25, trading at 106.30 right now. Due to the increase achieved during Tuesday's session now the line 6/8 (red line) Murrey line becomes important support. Possibly black will again test its downtrend line located around 108.30.
A second possibility is that these price levels again stand under 106.25 to the base of its uptrend line. We must keep in mind that in a few hours crude oil inventories will be published, it is expected to be 1.4 M Barrel for current week.
Graphic 4-Hour
On the 4H chart we can see that crude oil moves in a neutral zone of its trading range, marked by the line 4/8 (blue line). It will be important to observe what happens in this time frame in the coming hours, as if the line 5/8 exceeds 107.03 located in the bullish scenario which would still consider it less likely to occur.
Moreover, 105.47 will settle below the line, where 3/8 sees more clearly bearish scenario which we consider is most likely. Meanwhile, crude oil was oscillating within its trading range.
So our tip for today is to refrain from entering any orders until we have a clearer picture of the crude oil trend.
Graphic 1-Hour
In the 1H chart both the oscillator and the oscillator strength of trend signal fall showing us that when the crude oil would be at least 103.91. However, that is currently listed on the basis of its trend channel; it can also mean a possible rebound to the upside. Therefore, we do not see a clear picture for today, so we cannot recommend any input. Be rather alert and wait for the results of the inventory to be published today.
