{"id":11278,"date":"2010-07-22T08:20:36","date_gmt":"2010-07-22T12:20:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11278"},"modified":"2010-07-22T08:20:36","modified_gmt":"2010-07-22T12:20:36","slug":"spot-crude-oil-entry-opportunity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/22\/spot-crude-oil-entry-opportunity\/","title":{"rendered":"Spot Crude Oil Entry Opportunity"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The 4-hour chart shows a trading range along with a buy signal that  could indicate a rise in spot crude oil prices above the static level  that the commodity has seen over the past two months.<\/p>\n<p>Looking at the 4-hour chart for spot  crude oil, a trend line has begun on May 25th and shows the appreciation  for the pair over with the price action taking place above the trend  line. It is a modest uptrend as the slope of the trend line is less than  a 45 degree angle, but nevertheless an up sloping trending line.<\/p>\n<p>A minor trend line has been included for when the commodity surged  higher on July 7th. Since then the price has risen and dropped back  towards this minor trend line and has created an opportunity to go long  on the commodity.<\/p>\n<p>When the price fell to a low of $76.15, this was close to the minor  trend line. At the same time a bullish cross was forming on the slow  stochastic oscillator, providing an a buy signal. The price bounced off  of the minor trend line and has since moved higher.<\/p>\n<p>Buying near a trend line can many times be a good opportunity to  enter following a pullback in the price. For more conservative traders, a  stop can also be placed underneath the minor trend line should the  price break lower.<\/p>\n<p>Traders can target the first resistance level (R1) at a price of  $78.15. A close above this level would then move the next price target  to just below the $80 (R2).<\/p>\n<p>A protective stop can be placed below the support level of $75.65. A  close below this level would nullify the minor trend line and the price  could then test the next support level at $71.00 (S2) along with the  long term trend line.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/07\/Crude-Oil_4_Hour.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/07\/Crude-Oil_4_Hour.JPG\" alt=\"\" width=\"595\" height=\"597\" \/><\/a><\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                               Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                may not be suitable for all investors.    There    is  a              possibility      that     you   could    sustain a  loss   of  all   of    your         investment and         therefore  you        should   not    invest   money  that   you         cannot afford to         lose. You    should    be      aware of   all      the    risks      associated with     Foreign      Exchange      trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The 4-hour chart shows a trading range along with a buy signal that could indicate a rise in spot crude oil prices above the static level that the commodity has seen over the past two months. Looking at the 4-hour chart for spot crude oil, a trend line has begun on &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/07\/22\/spot-crude-oil-entry-opportunity\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Entry Opportunity&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11278","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=11278"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11278\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=11278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=11278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=11278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}