After an impulsive fall, crude oil is looking weak & vulnerable to break the recent low. One should go short on crude oil on current levels with SL of 74.9 & look for the target of 70.5-70.2 $ area.
There is Head and Shoulders pattern seen in Crudeoil, I will take SELL entry if price retest 5346 - 5356 RANGE.
Targets marked with blue lines and SL will be above black line.
GOOD LUCK!
We have bullish ABCD extended pattern already in Crudeoil, still we have minor patterns inside pattern we got, If break yesterdays high i will take sell entry as per attached setup.
This is just my own idea.
You take your own analysis to take this entry.
GOOD LUCK!
Caution note: It seems "Trend" trying to change sell from buy side.
If it is valid pattern you can get first two targets if SL safe.
Anyway act as per your own analysis.
Good luck!!
BRENT (Crude Oil):- 74.22 CMP, 80 to 90 zone (Multiple Resistance Zone)
1) Dow Theory (Downtrend Since 2008/2009)
2)Crude takes year to rise (But in pandemic its is rise too fast)
