Daily chart
Yesterday, Crude Oil fell back and touched its lowest level in four months and now stays below 95.00 a barrel.
The decline reverses better than 4% gain during the second quarter and stands in contrast to the sharp increase in capital expenditures during the early stages of the economic recovery. The Commerce Department will release its initial estimate of third-quarter gross domestic product on Thursday. Overall, Monday’s Commerce report showed total factory orders advanced 1.7% in September, propelled by demand for aircraft and military equipment.
Technically, the next support is located at 93.75, where there is the line -2 / 8 (red line) Murrey, the same that is considered the last stand area. So from our point of view, there is a high probability that the prices are reversed from this zone.
4-hour chart
In the 4-hour chart observe an accumulation of 94.53 area, where the line eighth (yellow line) that although is considered a weak line of resistance, but when the price stops on this area, there is a high probability that the price will reverse. Even if the second scenario was given and again Crude Oil is hitting a new low at 93.75, where the line 0/8 (blue line) is located this could be your one last support area.
1-hour chart
Finally one day in charts shows Crude Oil trades below its 200-day moving average and below its daily pivot. However, in 94.00 we have a support line in addition to its S-1 daily, and we believe that this level could be a good entry point with a maximum risk of about 120 pips profit potential minimum of 2-1. Both the oscillator and the oscillator strength of trend also show signs of decline and a possible change of direction. 
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Email:antonio.inga@analytics.instaforex.com
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