Daily chart
Crude oil fell again during Wednesday's session and scored a new low of 0.9177. Today and tomorrow the U.S. markets will be almost flat due to Thanksgiving celebrations and therefore there will be other factors to move the market. Crude oil may continue to fall slowly taking the yellow line next target of 1/8, however a second scenario that prices will bounce to the upside is possible.
4-Hour chart
On the 4 hour chart we can see the parallel movements in the course of the last 24 hours on the Red Line 2/8 Murrey which support the red uptrend line, for the same reason, as mentioned in our previous comment, it would be no surprise to see crude oil up from these levels and the level of risk if we go buying for this area, it would be a maximum of 200 pps for a potential gain of 400 pips for a reward of 2 one which would not be bad.
1-Hour chart
On the 1-hour chart we have the crude oil on the line 0/8 after returning from his penultimate exceedance zone as the line becomes -1 / 8 (purple line) and we also have a fairly steep fall, however the price of CL is currently on the center line of the tread. Since the line 0/8 is considered as the last line of support and as there is a high probability of a reversal, we suppose that CL prices may experience a respite from this area resulting in the series of constant falls. Even in this time frame our serious risk could be much lower than the 50 or 60 pips to enter buying above the line 0/8 at 92.20.
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Email: antonio.inga@analytics.instaforex.com
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