price gap between 54 and 51 is crucial.. reversal may happen and if double bottom rejects then strong bearish till 42. keeping in mind Crude oil dropping from 60.70 and the previews H&S has been completed.
SL 57.85 (As per you risk-reward) Sell below 57.75 Targets 57.65, 57.55, 57.45
Short UKOIL - Target 62.50-63 Confirmation - Long Upper Wick We are presently within a triangle. Crude to head lower. Target - 62.50-63
Crude oil 4h time frame. formed an H&S. price consolidating at right shoulder forming a bull flag pattern, wait for breakout to downside and put stop above right shoulder targeting 53.92, 51.85. Reason: 1. confluence is that price reached at 50% and 61% fib level from head to right shoulder impulsive extension. 2. confluencce 4h time frame RSI is at extrem...
Crudeoil Analysis for Interday..
On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
The price is being consolidated between the Trend line (Yellow) and the support line (Green) , we can expect the price to break the trend line along with the immediate resistance line in next price swing ($ 60.68 ) a long position can be taken once the price breaks out of the Trend line and target and stop loss shall be as indicated in the chart
As Per early post US crude oil target achieved Bullish till stay above 60.3 for 61 & 62