Daily chart
After having reached the low of 91.24 during the session on Thursday, В the crude oil was very close to end near the 8-month low.В However, without sufficient support, the price was quoted over 92.00 dollars a barrel.
Having closed in this way, the CL has left a long wick below 92.19.
However, to be the line 3/8 the basis of its trading range, it is possible to expect a rebound above these levels, although there is also the possibility that prices will continue falling. At the close of the meeting of this last day, we will have a clearer picture.
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4-hour chart
The 4-hour chart shows the Crude oil is trading at the bottom line of its trend channel; its first weekly support is found at 91.91.
Considering that the downward pressure still prevails, we might well expect that the CL will still continue to fall below its weekly support. However, to observe the 2 candles large, bearish and bullish, we have a U-turn that would indicate a possible bullish rebound above the rate of 92.00.
Therefore, our tip for today is to enter buying above the S-1 with a maximum risk of about 70 pips.
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1-hour chart
Finally, in the 1-hour chart, we have what seems to be a valley, then the last low reached during the last 8 hours on Thursday.
On the other hand, the price is trading at the limit of its trend channel and is very close to its moving average of 200, which shows us a high probability that the prices of the CL upward bounce off again until at least the 95.00 dollars per barrel as a prime objective.
For that reason, as already mentioned above, our suggestion is to buy above the rate of 92.00 with a chance to win 200 pips in this operation. Not forgetting of course our stop loss to about 60 pips.
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If you have any questions or suggestions, please contact me at:
Email:Р’В antonio.inga@analytics.instaforex.com
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