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Oil

CRUDE OIL TREND ANALYSISTECHNICAL ANALYSIS 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 July 2021 ( shown in blue colour in graph) confirm the double top pattern with a resistant of ₹ 5600. On October 4th 2021, it gave closing at ₹ 5825 (above its major support of ₹ 5600) for the first time after Oct 2018 that confirmed the upward moment of crude oil. CONCLUSION We do not suggest you to make any fresh short position in crude oil at this level. However, making any long position at this level would also be very risk as the prices are not certain at this level, however levels around ₹ 6500 can be seen very soon in crude oil on mcx.
MCX:CRUDEOIL1!Long
by moneymarine
Brent oil bears need $78.00 breakdown to retake controlsBrent oil prices consolidate the heaviest daily loss since late August, not to forget reversal from November 2014 levels, while picking up bids to $81.70 during early Thursday. The oil benchmark refreshed the multi-day top the previous day but overbought RSI joined firmer USD to drag the quote towards the first negative daily closing in six days. However, the quote stays inside a rising channel formation, not to forget remaining beyond a convergence of 100-SMA and a seven-week-old support line, to keep buyers hopeful of witnessing the fresh high above $84.00. In doing so, an upper line of the short-term rising channel, near $84.50, may play a role to trigger another pullback amid likely overbought RSI conditions, which if ignored could propel the upside moves toward the $90.00 threshold. During the pullback moves, the stated channel’s support near $80.60, followed by the $80.00 psychological magnet, will be important for short-term traders to watch. Should oil prices drop below $80.00, the aforementioned support confluence around $77.80 will be in focus. Overall, oil bulls are tired but not out of the woods, which in turn seeks a strong catalyst for a pullback, highlighting today’s US debt ceiling vote and Friday’s NFP figures for conviction.
TVC:UKOILLong
by MTradingGlobal