4-Hour chart
Crude oil futures opened between small gains and losses during the European morning hours of Wednesday, after President Barack Obama eased fears of immediate military action in Syria.
In a speech to the nation Tuesday night, President Obama said he had asked the Congress to postpone a vote on military action against Syria. Obama said he would consider a plan proposed by Russia to Syria to place its chemical weapons, international agreement control.
On the 4-hour chars Crude oil is traded below the line 5/8 (green line) which becomes the top line of your senior quote and we can say that in a sales area with a probable shift to the base its trading range 3/8 is set around 104.69.
1-Hour chart
The 1-hour chart shows Crude oil is around daily pivot and a marked downward trend, as we see the channel formed in this time frame and it is likely that prices will move to find uptrend line around 105.00. However, our stop loss should be about 20 or 30 pips above the last peak in this time frame.
Today we expect the release of crude oil inventories for the previous week and there is a forecast of -2.2M which generates some volatility to consider the operations we plan to enter.
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Email:antonio.inga@analytics.instaforex.com
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