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Monthly chart
Following a drop of almost 200 pips during the first day of this month, Crude Oil currently stands below its weekly pivot. Since it is below line 4/8 of Murrey lines, it is considered a neutral zone, so from a technical standpoint the outlook is bearish and also gets underway this month, with the resistance at the 0.9600 area. The weekly pivot point lies in this area. When the price is located above these levels, it would have a different picture. However, something that we must also take into account is the blue line that becomes the center of gravity line, at which the price is at the moment. When it moves beyond that line, it would be a further confirmation of its downtrend. For now, it is not clear, so we should be cautious.
Weekly chart
In the weekly chart, the price of Crude Oil has started this week with a slight increase of about 20 pips. However, there are two probabilities. On one hand, the weekly pivot is at 95.92 and, on the other hand, we have line 7/8 (yellow line) located at 93.75. Since this line is below the lower line of the trend channel, the price of Crude Oil is likely to touch these levels generating a widening of its trend channel. Meanwhile, short operating levels observed both upwards and downwards that allows us to suggest any input signal.
Daily chart
In the daily chart Crude Oil has been trading at extreme support areas since last Thursday after pierce line -1/8 at this time is very near line -1/8 (white) of Murrey math lines. Moreover, both the oscillator strength and oscillator trend is also found in areas of extreme price which would be a strong indication of a potential bullish reversal, so consider the key 93.75 area that we watch very close.
If you have any questions or suggestions, please contact me right through:
Email:antonio.inga@analytics.instaforex.com
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