Daily chart
Today's session is a session of correction and now Crude oil is quoted under the significant level we mentioned yesterday as 103.13. However, today's bullish session provides a new vista watching closely as we can see that the trend channel in daily charts which until yesterday was bullish, but in addition we note that the price is touching the bottom line of its trading band, for all of which we see an interesting opportunity to get into buying positions in the short term with a stop loss pretty tight for an interesting risk management benefit.
H4 chart
The 4-hour chart also provides an interesting buy signal. Crude Oil transfer line 0/8 (solid line) considered the last line of support for this time frame, apparently found a new extreme line support overshoot -1/8 (purple line) reason for Thursday's session had a slight rebound, but to be in an oversold area it is likely that the price will reverse from this point, giving us the opportunity to enter with a market order at today's prices, above 102.34 with a stop loss pretty tight about 15 pips below the last line end overrun -2/8, at 102.40.
H1 chart
Finally, the 1-hour chart also shows Crude Oil returning to an important support zone at the line of 2/8 (red line) of the Murray line, although the previous attempts to pass this level apparently was not succeeded, so at this time the price is on the basis of its trading range as line 3/8 (green line) and with an interesting upward bias in this time frame that could give us a minimum of about 100 pips.
Our recommendation: Based on the analysis of 3 charts, our tip for today:
Buy up to: 102.83
Stop loss at: 101.10
Take profit at: 105.40
For minimum risk of handling 2 to 1
If you have any questions or suggestions, please contact me right through:
Email:antonio.inga@analytics.instaforex.com
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