Daily chart
Although the markets were interrupted last week for the holidays, Crude Oil managed to close above $100 a barrel as we were saying in our previous analysis.
And during Monday's session CL futures remained around maximum moving upwards for nine weeks. Market participants await the data on the evolution of sales of homes built in the United States, the disclosure of which is scheduled for today, which will quantify the economic strength of the largest consumer of black gold in the world.
4-hour chart
In 4-hour chart we can see how Crude Oil during the session last Friday reached the ultimate extreme quote line of the +2/8 line Murrey, reaching a maximum at 100.74 which today is broken and an uptrend line and standing again under $100.00. And probably this correction be extended at least to line 6/8 (red line) in this case becomes an important area of support on which oscillate possibly making rank in the following days.
1-hour chart Finally in the 1-hour chart we can see that Crude Oil presents an interesting scenario that can give us a good opportunity to get selling in the short term, because after continuous increases in recent weeks it is reasonable to expect a market correction. And this seems to appear when we note that at this time the price is already below the line 8/8 Murrey plus be entering below its 200- day moving average, so you might enter below 99.70 selling and tight stop loss of 60 pips which would be above the line 8/8 and our take profit would be at least 96.88.
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