1. RSI is in overbought zone.
2. DOJI candles with lower high
3. upside 60400 target,
4. not week but one should enter when cross the all time high, or brent cores 84$ and close.
5. trading above weekly CPR.
high chances of retracement .
In October 2018, Crude Oil prices touched the level of ₹ 5600 on MCX but after that they sharply fall to ₹ 3000 same year in December.
Further last year during the lockdown crude oil fell to ₹ 1100 on MCX in April 2020 and rose to ₹ 5600 this year in July 2021.
Journey from ₹ 5600 in Oct 2018 to ₹ 3000 in April 2020 and again to ₹ 5600 in...
1. Cup and handle pattern on daily chart. ( handle is in under construction.)
2. china energy crisis.
3. rising dollar $$
4. increasing bond yield
5. OPEC countries are unable to increase crude production as per demand
All above are the indication of crude might see new high. one should look opportunities to buy.
Crude oil has started moving forward since May. It will not stop here. It's just a WXY correction.
According to Elliott's wave theory, it has completed the sub-wave under the 4th wave. It's consolidation time. Crude oil prices may fluctuate between the range of 4000 - 5400 . Hence, long-term investors can keep buying crude oil.
So, what about short-term...
CRUDE OIL POSITIONAL VIEW
Symmetrical Triangle Breakout in Established Up-Trend
RSI Sustaining above 60 Level
Look it for Bullish Entry Above 5080 or Between 4900-4950
Target - 5300/5700
Stop Loss - Daily Closing below 4890
Analysis of US oil in 30 mins time frame
Breakout initiated, retesting took place for LONG
Self explanatory chart
For educational purpose.
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basic idea for crude trading currently testing resistance can open a new short position at current level but overall outlook is buy trend and if we get breakout from this level then we can see 5100 level in near term