crude oil has been in parallel channel since Dec 2008
based on Oct 2021 monthly closing we may expect a trendline BO in crude oil. Expect your petrol price to rise accordingly
Brent crude oil has broken the trendline resistance and it looks like primary wave 5 has started, and within wave 5 , wave I and wave II are posiibly been completed and wave III should now unfold at $ 79.40 to $ 80.21, where wave III will be atleast equal to wave I, and on the down, the swing low of $ 70.89 will be now crucial support. one can go long at current...
BRENT (Crude Oil):- 74.22 CMP, 80 to 90 zone (Multiple Resistance Zone)
1) Dow Theory (Downtrend Since 2008/2009)
2)Crude takes year to rise (But in pandemic its is rise too fast)
Midterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is...
