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Daily chart
Having found the support area of 106.25, as it was already discussed in our analysis on Monday, crude oil is trading at 107.15 now that is the third day after the rebound from the upward trend last week. This is because the markets keep one eye on the Syrian conflict and the other on data on oil supply in the USA. While Syria itself is an oil producer minor, one of the main concerns is that the escalating conflict could hamper the widest range in all key region in the Middle East. Chris Weston, chief market strategist at IG Markets, said in a Twitter message on Tuesday that the country's oil production had fallen to 39,000 barrels per day in the first half of 2013, compared to 350,000 barrels per day in March 2011.
4-hour chart
In the 4 hours chart, we can see that the crude oil exceeded the line 5/8 (green line) that turned to be the top line of its trading range. On the other hand, we think that this trend may continue for today, having as the first target 109.38, before possible retraction. However, we should note that the line 6/8 (red line) is located at 107.81 and is an important area of resistance.
1-hour chart
Finally, in 1-hour chart, we observe that both daily pivots are located at 106.37 and the line 6/8 is at 106.25. Also, they are converted to the crude oil in an area of support, although an important level is 109.38 of the line 7/8 in this timeframe. We must take into account that according to the theory of Murrey, this line is a weak resistance zone, which is usually easily overcome, unless the price stops in that area for some time and which could be a reversal signal and change direction.
Meanwhile, our suggestion for Tuesday August 27 is:
Sell up to 107.03
Stop loss at 106.78
Take profit at: 109.38
Take profit 2: at 112.50
If you have any questions or suggestions, please contact me:
Email: antonio.inga@analytics.instaforex.com
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