Daily chart
Amid the prevailing uncertainty regarding the intervention or not in Syria, Crude Oil remains in an area of indecision, ranging in small ranges. But we can also see that in 1 hour charts the price is below the line 7/8 if it is a weak resistance line, however if Murrey theory says that if the asset traded stops near it there is a high probability of a change of address.
On the other hand, we also note that at this time it is at 107.83, this is below the center line of the trend channel that crosses around 108.40 for which we believe there is a high probability that the Crude Oil may have a change of address more pronounced in the coming days.
4 hour chart
In the 4 hours chart it seems to confirm a possible change in trend of crude oil, as it is currently retreating below the line 5/8 (green line) the top line of the trading range, the same as in turn converges with a trendline.
So we can get selling below 107.81 with targets at 106.25.
By contrast the second scenario is also likely, given the uncertain outlook so the picture above 108.05 would turn bullish in the short-term for the session today and could eventually bring prices up to 109.38.
If you have any questions or suggestions, please contact me right through:
Email: antonio.inga@analytics.instaforex.com
