AbhishekHSinghCMT

Crudeoil -Bang on move-Slippery Oil bounces at 47$ Essam Remark

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NYMEX:CL1!   Light Crude Oil Futures
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Wow!- what a knock as Oil bounces from 47$ to 50.85$ on global exchange & on local exchange -MCX (Multi Commodity Exchange) from 3075 to 3288.

Previous Update - Stretching in a final wave before collapse
https://in.tradingview.com/chart/CL1!/MB...

As per short term update in previous post- Taking stops below 47$ & looking for a bounce was the strategy which has paid well so far.

Next resistance comes at 55$ crossing that hurdle can boost slippery oil to push higher & test the resistance of 63-65$ - prior swing high & likely major hurdle to decide next set of moves in future.

It was the tripple bottom in the zone of 47-47.10$ zone where slippery oil took support & started pushing higher.

Latest News
The recent push looks impulsive, which could be remarks from Oil Minister -Essam Almarzooq "Energy prices closed sharply higher as traders weighed remarks from Iran’s oil minister, who said the recent production-cut deal will probably be extended, and fighting in Libya is affecting its oil industry."
Trade active: 20:14 Hrs 5th April2017

Last Price@51.35

Fall from 51.88 Highs looks like we should book profits & wait for corrections to open up more to decide what is going to happen next.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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Comments

hello abhishek vvv nice analysis
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@niteshkumar, Thanks
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