Daily chart
The monthly crude oil production in the U.S. in the next year will exceed the volume of imports for the first time since February 1995, according to estimates released today by the Energy Information Agency.
Meanwhile, the black gold is closer to the psychological level of $100 per barrel, after the opening of today's session 30 pips below that level. This area may find the line 8/8 (blue line) considered itis last resistance area there is a probability that can prices fall below its daily pivot line.
4-Hour chart
In 4-hour chart some depletion in the strength of buyers' is shown and also the trend oscillator is above the level of 90 points. If we look more closely at Crude Oil, it is retreating after touching the support area where the green line, blue line plus the 8/8 (blue line) are, but that area could be a trap and give the market CL volatility, prices may continue to rise above 100.00, so we suggest caution.
1-Hour chart
Finally in the 1-hour chart we can say that while the price is above its moving average and the continuous panorama is still bullish. On the other hand, when entering below the line we would indicate a possible fall at least to 98.00.
Therefore, we can enter by buying at the levels found in this moment with a stop loss of 50 pips below its moving average. Similarly if the price falls below this, we could go selling with a stop and take profit up to 98.00
If you have any questions or suggestions, please contact me right through:
Email: antonio.inga@analytics.instaforex.com
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