Hi guys this is Trader Kanishk
In this analysis
I have discussed a very effective strategy for crude today
watch the entire video and go for this
Every thing i have discussed in this video is only for educational purpose, do not consider this as a tip, or i am not saying you to buy or sell the stocks. This is all upto you. I am only sharing my...
crude oil mcx looks bearish unless it breaks the resistence of 2800
below 2600 we can short for the tgt of 2400 - 2250
the points and levels are for educational purpse only trade at your own risk
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If price trades below $21.90, selling is advisable. Heavy sellers dominated from $26 to $20.77.
Then buyers were able to retrace only till $23.60 - the recent high.
Price is taking a dynamic resistance of 20 EMA - which is kind of strong trend indication.
First Opposing Force for this fall can be expected around $20.25 to $19.70; further price can test $18.60 as...
Ascending triangle pattern is seen. The pattern is broken at top and we can expect the price to travel till $27.50 ranges.
This could be a temporary push; after testing the $27.50 ranges, price can fall further - either till previous low or even below. Lets wait and see.
CrudeOil Analysis based on trend analysis.
After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.
On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But...
Crude Oil weekly chart study.
We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.