Crude Oil
Crude Oil - Daily Timeframe ViewCrude oil is moving in an ascending triangle which faces long term resistances at 41.6-42.4. Focus should be either on a breakdown from ascending triangle or breakout from 41.6-42.4 resistance for major move.
Meanwhile, one can play the range keeping lower end of ascending triangle as SL and look for 41.6 USD.
Views are for educational Purpose only.
CrudeOil Short Term and Intraday - Target 3400 INR (45 USD)Crudeoil formed Cup and Handle pattern at 28.5 USD and then moved up to the next resistance level of 35 USD. It has now broken that level and I feel that it will reach the next higher resistance of 45 USD in the coming week. I feel crudeoil is surely worth considering for a short term trade with 45 USD (3400 INR) as the target and also in intraday basis we could look for buying opportunities.
Crude Oil Setting Up For Another Big TradeAs per the chart, MCX crude oil is under bearish pressure for a short period. It may fall for 2600 – 2400 – 2160 levels.
The long-term traders must keep their eyes peeled for a crossover into the S-RSI. The crude oil prices will fly into the sky. Be ready for 3200 – 3500 – 4000 levels.