USOIL is at the vpoc of 2017 around 49.3. pretty important level to watch out for. can be a low risk swing bounce idea.. break of this can alternatively target the VAL of 2017 at 46.5 zones.
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.
it has properly broken the sideways which did not go for retracement so we can expect it to go to the area marked over there refer chart for details
OIL (Oil India Limited) #BUY ABOVE 178.3
Its been quite a while, we are watching crudeoil's decline, after an energetic run which stopped around 77. prices are juggling between 50and 54 since quite long, 52.20 area always ensured enough supply which in my opinion is a demand zone now. I would suggest going long for 55 with placing SL at 51.90.
Buy Crude Oil at CMP (51.30) T1: 52.75 T2: 53.50 T3: 54.40 SL: 50
Trade only with other confirmations and also OPEC meting results may bring chage in the direction as well, so trade with caustion.
Buy USOIL above 53.42 T1: 54.50 T2: 55.45 SL: 52.80
Buy XAUUSD between CMP (1230+) and 1229 T1: 1239 T2: 1243 T3: 1250 SL: 1219.50
crudeoil important factor for india and is going in the country's side will appreciate Indian currency and a lottt more !
CrudeOil has made a sharp fall and now we are seeing indications of consolidation and a possibility of a bounce can't be denied. Its safe to close all the short position at CMP (50+) Above 56 conservative traders can take long position for a target towards 63-66.30 zone Aggressive traders can take long position above 53.30
The chart is of Gold ETF of UTI, India. at the moment, moving in a downward wedge. We have a high chance for price to go to 2670 levels which is also where green trend line will support it. We may get a reversal from that level.