Crude is nearing a very important zone here, Looking at last year's profile, we are appearing near a crucial low volume node ( marked in red zone).we should
1. either have a breakthrough the zone, then we are looking for a serious uptrend here or
2. look for a failure and a reversal from this area back into this years volume areas.
MCX (Multi commodity exchange) is regulatory body of commodity market and commodity like base metals, valuable metals, oil,crude oil and gas are exchanged on it. Most effectively traded product over the MCX is gold and crude oil as all things considered of it are profoundly fluid in nature.Like other trade MCX has its opening and shutting time between which...
Crude we are holding below the 51.5-65 areas (Thats the composite balance areas ), this plays well for shorts to test the 49.90 zones in the coming sessions.
USOIL is at the vpoc of 2017 around 49.3. pretty important level to watch out for. can be a low risk swing bounce idea.. break of this can alternatively target the VAL of 2017 at 46.5 zones.
WTI US Oil prices have contracted forming a triangle, almost cornered right through. Expecting a break soon. Most likely with the upcoming API/Inventory data.
Based on Historical and Technical Analysis . Crude Oil -0.28% Might Fall as per Fundamental and Technical Anlaysis and above Trade has Tight Stop Loss with Good Risk-Reward.
Enjoy and Comment.
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