Daily chart
On Monday, oil futures retreated from its highest close in more than two years, while the prospects of a retaliatory attack directed against Syria seemed wane, with Washington saying it will consider the call from Russia to Syria to deliver chemical weapons international control.
Today the decline continued after the Syrian press reported that the Syrian government had accepted a proposal by Russia and the international community to give up its chemical weapons to prevent U.S. military attack. So on a daily charts we can see that we have a support 106.25 amount for the session today where that line lies 6/8 Murrey which could retreat to at least 107.70 which houses the R-2 days that was broken during today's session.
4-Hour chart
The 4-hour chart shows Crude Oil is below the 5/8 that came to be the top line of its trading range, which may indicate that the price is entering sales area after fears of a possible disruption of supply of raw materials diminished after the latest news.
After a decline to 107.81 which in this case would be your new carrier is likely to see CL region move further to the line 4/8 which is the main line of support in this time frame and enter below it would be a good time to sell in the medium and long term with objectives to 103.13.
1-Hour chart
Finally, on the 1-hour chart Crude Oil trades below its downtrend line which seems to confirm our feeling downward toward objectives uptrend line around 104.90.
As we enter short positions with a stop loss at 107.86 aspiring to earn 200 pips.
If you have any questions or suggestions, please contact me right through:
Email:antonio.inga@analytics.instaforex.com
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