Crude - look for opportunities to go long againAfter the y'day upside move in final few hours and earlier today, crude has retraced to .618 levels of previous rise.
this should be a good area of value for fresh longs with stops below .786 fib.
In another alternate scenario, the retrace can get deep to .786 fib and bounce from there.
Entry should be based on a bullish candlestick setup in minimum 15 min tf.
Crude Oil
CRUDE OILOne 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 at important juncture - 87, Trade Setups in Daily.Check 'CRUDE OIL at important juncture - 87, watch for Oil companies ' where i have explained the logic of these trades in details.
Sustaining above 87 will mean break of important resistance, change in structure.
Buyers are wiling to buy higher, enter with them.
1. BUY if it sustains above 87. Target 115.
CRUDE OIL at important juncture - 87, watch for Oil companiesCrude 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 115.
Will share setups chart in daily time frame under my ideas section.
Crude Oil | Head & Shoulder PatternAfter 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 invalidate the pattern.
MCS Crude Oil Technical AnalysisAt 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 opening of almost 200 points down from its previous day's high.
OPPORTUNITY
You can short crude oil around 6240 today with a stop loss of ₹ 6336 for a taget of ₹ 6065-5990.
MCX Crude OilCrude 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 signal in crude oil. Stay connected with us for more updates.