it has properly broken the sideways which did not go for retracement so we can expect it to go to the area marked over there refer chart for details
OIL (Oil India Limited) #BUY ABOVE 178.3
Its been quite a while, we are watching crudeoil's decline, after an energetic run which stopped around 77. prices are juggling between 50and 54 since quite long, 52.20 area always ensured enough supply which in my opinion is a demand zone now. I would suggest going long for 55 with placing SL at 51.90.
Buy Crude Oil at CMP (51.30) T1: 52.75 T2: 53.50 T3: 54.40 SL: 50
Trade only with other confirmations and also OPEC meting results may bring chage in the direction as well, so trade with caustion.
Buy USOIL above 53.42 T1: 54.50 T2: 55.45 SL: 52.80
crudeoil important factor for india and is going in the country's side will appreciate Indian currency and a lottt more !
CrudeOil has made a sharp fall and now we are seeing indications of consolidation and a possibility of a bounce can't be denied. Its safe to close all the short position at CMP (50+) Above 56 conservative traders can take long position for a target towards 63-66.30 zone Aggressive traders can take long position above 53.30
First signs of rejection from a LVN, a break above 51.40 levels has legs to take it upto 52.75 zones
Crudeoil has produced textbook break and retest of bearish flag. We can short it with today's high as SL for Targets of $51-49. It will be long if breaks today's high and enters back into the flag.
Crude WTI should cool down to $64 before starting yet another leg.
Here's #USOIL #CRUDEOIL #monthly #chart posted earlier. It has now broken the lower #trendline thats $20 ride from $76. We are expecting it to respect the $54-55 band. it might bounce back from here. This level is 61% fibo of previous swing, retest of previous swing high. #monthly close below it will take it to $45/$33, for now $54-55 band important.
CRUDE OIL IF HOLDS 58.20$ ON CLOSING BASIS CAN HEAD TO THE UPPER END OF THE BOX NEAR 63$
as we can see a strong support zone is already hit ,surely will be a correction. oil companies can have negative impact on oil price rise.