One can go long at current levels or in dips (if any) with stop loss of 5880
for targets of 5990, 6050, 6100, and 6150.
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
I am not responsible for your profits and losses
crude oil reversed from supply zone near $79
and intensified the selling pressure below our selling level $74
now downside demand zone is $67--$68... if broken than straight away $61
crude oil collapsed new Covid variant led to fears of renewed mobility restrictions, potentially hitting demand from the air travel market.
Amazing profit delivered by crude short call given around 6100 level.
Wait for further action in crude.
Could not update post earlier due to higher fluctions.
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.
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...
After a long rally and a series of higher highs & higher lows we are seeing Head & Shoulder pattern at the top of chart in CRUDE suggesting some correction in prices. MACD has also shown divergence, untill the price stays below neckline of the pattern we can see more decline in prices of Crude till 5900 to 5700. Break of the neckline and right shoulder will...
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...
Crude oil is running in a channel.
Crude oil is moving in a fixed channel. If you get a chance to buy near support line go for long in crude oil, as mentioned in earlier blogs we are bullish on crude oil untill it achieves a target of ₹ 6500.
Do follow our stop loss stretagy.
Crude Oil continuous futures contract on the weekly chart seems to have pulled back from its decade+ old trend line breakout. Breakout happened in Jun'21 and crude bounced back on the trend line. We have seen successful bounce from the trend line support and can expect the price to turn bullish from here on the weekly scale. If so, 76 would be the immediate target...
Triangle Pattern found in Crudeoil.
Upside Target 5150 and Downside Target 4924.
Wait for Breakout or Breakdown. Take a Position after Breakout or Breakdown on Next 15 min Candle.
