Brent Crude has taken support from a rising trendline. We could also see a "Morning Star" candlestick pattern adding to bullish bias. But 63.60 is an immediate resistance which will test the strength of Bulls. If price manages to break above 63.60, we can well expect crude to move towards 65.50. However, if the upward move gets arrested at 63.60 and manages to...
The price is being consolidated between the Trend line (Yellow) and the support line (Green) , we can expect the price to break the trend line along with the immediate resistance line in next price swing ($ 60.68 )
a long position can be taken once the price breaks out of the Trend line and target and stop loss shall be as indicated in the chart
On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
Rising Wedge pattern observed in BPCL. Pattern looks to have confirmed suggesting a bearish outlook. Target depth of wedge is around 128 points. With confirmation of pattern occurring at 364, Target of the pattern comes in at 236.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as...
Prices have fallen below their two-year upward path,
There is a high probability of a bear market in the future.
Investors are advised to stay bearish for the long term.
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Brent, after breaking through prior high of 66.7 has now pulled back towards the same area. This move could just be a retest of that level and it wouldn't be a surprise if price appreciates from now. Hence long trades are preferable with tight stop below 66; because below which the price could fall to 64 or to the bottom of the Rising channel. On the upside, do...