Daily Chart
The American Petroleum Institute reported a decrease of 4.1 million barrels in crude supplies for the week ending January 10. The analysts had forecast a fall of 1.6 million barrels in the crude supplies.
As a result of this announcement crude oil prices recovered their loss of the previous session, which was above theР’В 3/8 line (green line).
Therefore, now we see a picture of rollback with upward trend, taking as the support area of 3/8 due to the fact that the same is the basis of its trading range.
4-hour chartР’
In the 4-hour chart we have a double bottom that has to support the first weekly support, by which our highest level of risk would be with buying positions at current levels in the range of 150 pips for some 450 pips for possible gain in the medium and long term, but we believe that it is unlikely that it would not fall below 92.19 and we will be able to have a greater bullish confirmation when the price goes through your weekly pivot at 92.88.
Therefore, in order to minimize our risk we could enter above that level.
1-hour chartР’
Finally in the 1 hour chart we note that the Crude Oil account with three additional support to continue ascending their current levels. In the first place we have the center line of the trend channel of the same which converges with their level of support important at 92.00.
Secondly, we have to its moving average of 200 that is below the current price, which also gives us a bullish signal. And finally, there is the center line of its band of gravitation on which has been supporting the price at this time. Therefore, our tip for today is to buy above 92.90.
If you have any questions or suggestions, please contact antonio.inga@analytics.instaforex.com
DISCLAIMER
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
