Daily chart
While the focus of the concerns of investors and the world remains on Syria, on Friday crude oil moderately continued its upward trend. Having crossed the center line of the uptrend channel at 109.01, it is now trading close to the line 7/8 of Murrey lines. Being considered this line as a weak resistance area we may need oil prices at the end of the day around 110.71 which houses the R-1 week.
4-hour timeframe
In 4-hour chart note that Crude Oil approaches the line 6/8 (red line) which houses its R-2 daily. Now it is true that the level of 6/8 is considered as a strong point of reversal, however, after a break of the last candle line downtrend we can expect this upward trend to continue at least to R-3 which is located at 110.30 and then before the end of the day it can retreat.
1H chart
Finally, in 1 hour chart both the oscillator and the oscillator strength of trend show that the upward trend may continue and in the foreground we see that at this time the price is on the centerline of his band of gravitation and 108.91 is in its R-1 has already been broken, it now becomes a support like the pivot journal located in 108.02.
So our suggestion is to buy today above 108.91, 110.30 and to place our stop loss at 108.02
If you have any questions or suggestions, please contact me right through:
Email: antonio.inga@analytics.instaforex.com
