Gann fan analysis for Crude. We are in a sort of neutral zone with resistance at 85 and support at 79.6. If 85 is crosses, we will see a good upmove. If support breaks and Gann fan level breaks too, we can see a deep fall as seen in history and marked on the chart.
Check 'CRUDE OIL at important juncture - 87, watch for Oil companies ' where i have explained the logic of these trades in details.
Sustaining above 87 will mean break of important resistance, change in structure.
Buyers are wiling to buy higher, enter with them.
1. BUY if it sustains above 87. Target 115.
Crude oil is at an important juncture.
1. Around 87 which is an important resistance.
2. Should move down quickly to 46 levels.
3. If we have slower fall that will mean re attempt of 87 and possible long. Exit shorts.
Possible trades should be taken in daily time frame-
1. SHORT - as swing high break fails in daily.
2. BUY - when it sustains above 87 for...
At present Crude Oil on MCX is trading around 6210 with a day low of ₹ 6197 and made a high of ₹ 6244. Crude oil remained under pressure this week globally.
If we talk on technical side, Crude Oil was running in a fixed channel since Septmber 2021, but on October 27th 2021, it closed below support line and yesterday on 28th Oct, it opened at 6180 with a gap...
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...
# Technically Crude is at Long Term Lower Support Line
# Magnet is in very favorable position for a Big Move
# Time Frame for $ 20 to $ 40 is 6 Weeks
# Weekly Charts have Positive Crossover of MA for Long Term UP move.
# OBV on Daily charts have Positive Divergence
On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
Brent, after breaking through prior high of 66.7 has now pulled back towards the same area. This move could just be a retest of that level and it wouldn't be a surprise if price appreciates from now. Hence long trades are preferable with tight stop below 66; because below which the price could fall to 64 or to the bottom of the Rising channel. On the upside, do...
Brent Crude has taken support from a rising trendline. We could also see a "Morning Star" candlestick pattern adding to bullish bias. But 63.60 is an immediate resistance which will test the strength of Bulls. If price manages to break above 63.60, we can well expect crude to move towards 65.50. However, if the upward move gets arrested at 63.60 and manages to...
As you can clearly see in the chart, Brent is entering into the resistance area and also retraced 61.8 percent. it might fall from here after consolidating for some time. wait till it comes out from the area and short when it comes back to retest.
good Risk reward from here in the downside.
Not a financial advice.
As per chart Brent crude can side further. On 4 hour chart it is trading and forming triangle like pattern.
Our expectation is that can slide till 58.70.
Momentum Indicator RSI trade side ways around mid level of 50.
Price action wise larger bearish candle can also suggest traders involvement going downside.