Daily chart
Crude Oil ended last week with a Doji of indecision and formed a new maximum, although not very far from the previous one. Although it is located in a area of purchase and has been traded at the 4/8 line (blue line) and at its pivot weekly that is located at 93.48, in case of a return to enter below 93.75 and close the day with a bearish candle, we could be at the end of a setback that would bring prices back towards the low. It will be necessary to wait for the close of this day in order to have a clearer vision.
4-hour chart
As we mentioned last week, crude oil is inside of a box of price, which after the last Friday's maximum widened slightly. Due to the fact that at this moment the price is at the lower limit of the price of housing, eventually we could buy with a moderate irrigation of about 40 pips for a minimum gain of about 80 or 100 pips.
1-hour chart
The price is at the bottom line of its upward trend channel, which is also a point in our favor if we walked into the buying market. On the other hand, both the line 4/8 and the moving average of 200 constitute a support to the CL and will have to violate in the event of break housing prices that we mentioned in the above chart. Therefore, if we want to take advantage of these slight movements of the crude oil for today, we must take into account the factors mentioned above.
If you have any questions or suggestions, please contact me: Email:antonio.inga@analytics.instaforex.com
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