Daily chart
During session on Tuesday’s session, September 3, crude oil continued its upward trend and while continuing speculation about a possible intervention to Syria by the U.S., the picture becomes unclear and is likely to have greater escalation in the coming days.
Although at this time crude oil is trading below its weekly pivot.
Further, according to the theory of Murrey lines, line 7/8 is a weak resistance line and it is likely to move to a new high at 112.50 again, where line 8/8 is considered as the last resistance area that is very difficult to break.
4H chart
In 4-hour chart we note that crude oil is currently trading around 108.30 with a predominant upward trend.
On one side the 4-hour trend channel shows that at this stage crude oil is located below the center line, as well as below the center line of an intermediate channel to a lesser period.
Moreover, the price lies above the line 5/8 (green line) of Murrey lines, considered as the top line of its trading range and a good area to enter the market with purchase orders.
1H chart
Finally, in 1-hour chart we note that crude oil is about to break a trend line. Our theory is reinforced by the fact that it stands in line 108.59 7/8 (yellow line).
And as you mentioned this line is a weak line of resistance to be overcome and it can lead to a probable price target at 110.94.
So, for today, Wednesday September 4, our suggestion is:
Buy up to: 107.81
Stop loss: 107.03
Take Profit: 110.94
If you have any questions or suggestions, please contact me right through:
Email: antonio.inga@analytics.instaforex.com
