InvestyourAsset

CrudeOil Important levels to watch !

MCX:CRUDEOIL1!   Crude Oil Futures
CrudeOil important levels to watch are as follows

#Support: 6830

Sell below: 6830 only on 15 minute candle closure below the level.
Target 1: 6760
Target 2: 6700
Target 2: 6650



#Resistance: 6950

Buy Above: 6950 only on 15 minute candle closure Above the level.
Target 1: 7030
Target 2: 7130




=> # Remember each level will act as a support and resistance individually so there is a probability of reversal and a pullback on either side so its better to make an habit to book profits at each targets and re-enter again after a breakout from the same with a proper stoploss as per your own risk appetite.

=> # Please do your own research before initiating any trade. Always use stoploss in order to protect your capital.



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#Disclaimer: This is just a view and published here only for educational purpose, this should not be considered as a buy or sell signal. Trading in stock market may involve financial risk therefore, do your own research before taking any position.
Comment:

crude prices facing hurdle as prices are currently trading in a supply zone marked on the chart.
Comment:


crudeoil currently consolidating at supply zone, However, Crudeoil Inventory data is out now.

Crudeoil inventory:

Previously available: 1.371 M

Forecast: 1.261 M

Currently Available: 0.774 M


As per the data, inventories are lesser than expected and previously available. Which means, there will be less supply and therefore, demand will increase

Over the time when demand increases oil prices will increase too !
Comment:

crudeoil target1 reached on downside.
Comment:


CrudeOil took Support after achieving target 2 on downside.

After taking the support, oil prices are trading in a bearish rising wedge pattern.

however, any short entry is possible only after breakdown confirmation, Trade accordingly.
Comment:


again hurdle at supply zone. wait patiently and act only on confirmation.
Comment:


crude prices struggling to break the supply zone!

wait for 15 mins candle closure above supply zone for long entry. Do not forget to use the stoploss in order to protect your capital.
Comment:


Again, sharp rejection !! Just because of this strong supply zone !!
Comment:

crudeoil at 6700 again ! an interesting level !!
Comment:
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Comment:

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Disclaimer: All the Views are purely for educational purpose.