USD/CHF – Mathematical analysis with Murray lines for Septembert 04, 2013
Crude oil, during the session on Tuesday, September 3, continued its upward trend and while continuing speculation about a possible intervention to Syria by the U.S., the picture becomes unclear and is likely to have greater escalation in the coming days.
Although at this time the crude oil traded below its weekly pivot hopefully up new sessions in the following days.
Further, according to the theory of Murrey lines, line 7/8 is a weak resistance line and is likely to surpass crude oil to a new high at 112.50 again, where line 8/8 is considered as the last resistance area that is very difficult to break.
In 4 hours charts note that the crude oil currently trading around 108.30 with a predominant upward trend.
On one side the 4-hour trend channel shows that at this stage the crude oil is located below the center line, as well as below the center line of an intermediate channel to a lesser period.
Moreover, the price lies above the line 5/8 (green line) of Murrey lines, considered as the top line of its trading range and a good area to enter the market with purchase orders.
Finally, in 1 hour charts note that the crude oil is about to break a trendline. Reinforces our theory that stands in line 108.59 7/8 (yellow line).
And as you mention this line is a weak line of resistance to be overcome and it can lead to a probable price target at 110.94.
So, for today, Wednesday September 4, our suggestion is:
Buy up to: 107.81
Stop loss: 107.03
Take Profit: 110.94
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