On technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
NSE:LT Long at 1335.70 with SL at 1329.10 and three potential targets
Please Consult Your Financial Advisor Before Taking Any Decision
Always risk 1% of account size per trade, adjust the position size accordingly
So where are we heading in the couple of hours, probably seeing more downside, since alot of early levels are already been tested.
Aiming for 3200 or lower, at the moment i opened an big short position in bfinex!
Short the ponzi :)