Crude oil has given a very good fall. But has it bottomed out?
From the charts, we can see 5700 levels is where crude has formed the nearest bottom. Also, the swing high is 6000. I will go long if 6000 is taken out in the next couple of days. Otherwise, I will not be trading on crude.
From the charts, we can see 5700 levels is where crude has formed the nearest bottom. Also, the swing high is 6000. I will go long if 6000 is taken out in the next couple of days. Otherwise, I will not be trading on crude.
Trade active:
I've long positions currently.
Trade closed: target reached
I think big players will not allow this to happen today as today is expiry. It is close to 22:45 IST, and 6000 CE still has the highest OI. So, I have a controversial opinion that they might start selling now, and crude will fall sharply. I hope it doesn't happen, but we will lose all the profits if it does. Instead, wait a day and see if there is a breakout, and if it happens, then we can plan the trade accordingly.
So, I booked my profits for only 2 points - my risk was around 15 points, but because of the change in opinion, I did not want to give away the two points.