We had posted earlier chart and went short at $55 on retest of flag for targets of $49.5 and $43. Refer below chart from history
Now One can go long into it with SL below $40. You can take entry at $41.8-42.5. On close below $41, next long chance would be at $36. Dont miss this long trade ...
As per chart Brent crude can side further. On 4 hour chart it is trading and forming triangle like pattern.
Our expectation is that can slide till 58.70.
Momentum Indicator RSI trade side ways around mid level of 50.
Price action wise larger bearish candle can also suggest traders involvement going downside.
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.
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