Description : Crude at lower levels following support area and a trendline zone as well. At top upper parallel levels of trendline are followed. Now at top and formed a strong red candle which can a be probable top if it gives follow through and breaks 86$ level.
Support Area : Break of Support at 86$ downside will lead to immediate support at 76$ followed...
Crude Oil is running in channel since septmber, we many time initiated purchases near support lines but avoided short selling as Crude is in Bull cycle. We suggested you to buy near 6200 on 22nd Oct for a target of Rs 6500 which you may see tomorrow.
In a few days crude may give another signal either for long or short position.
We may soon see a trend reversal...
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.
Double Top - Bearish candles expected in the upcoming days if the demands are lowered.
After the double bottom the market has showed a steady up trend rally. Same way now Double top has been formed.
This has happen before and again its showing a strong double top , Hence down trend rally is possible if the demands are lowered.
Given is my personal analysis.
