Although i am having a shorter side bias in crude oil BUT ..... A word of caution - Trade with a strict stop loss, at least till it confirms the move by breaking the uptrending line on daily closing basis.
* Trendline * Bullish crossover on Stochastic * RSI back from oversold territory
Let It Break decisively. Till then you can take advantages of intra-day short ranges. But do that with strict risk management. Finally the pattern at present looks Bullish, BUT it can go either way. Because on the flip side of it - COT reports are Bearish, open interest is at record high and Commercials are record short(more than they were at 2014 drop from...
US Crude commencing Wave 5 after corrective Wave 4. Heading toward 55/56 levels before reversing.
Still Playing between the two Levels & DIRECTIONLESS Until it breaks either level convincingly, look for small and short term trades on lower time frames. I will personally have a short side bias.
I am planning to short Crude oil if it breaks down in the evening US session, using lower timeframes for entry. Nice Risk Reward
Final Leg down will take price down towards $52 below.
Both the Levels STILL Holding Nicely. Have Patience
I will Favour Shorts Below 49.50 and Longs above 54.50 with bias towards Shorts Happy Trading and Happy Christmas.
Gap UP on Monday, Distribution and the kind of price action of last 2 Days, I am staying away from this market for the time being. i will be interested in going long only between 55-60 Level.
Crude Oil Again Testing the Crucial 50-52 Zone/Area. If it fails to break UP here, it could well be formation of Triple TOP. With COT Commercials Starting to turn Weak this may well happen. But i am not in a hurry to Jump to Conclusions. I will be interested in this market ONLY if Either it starts closing above 52 on Daily Charts (For LONG) OR it Starts closing...
From previous update- was likely looking for a bounce - got the bounce to 48-49$ & In the last trading session- Oil gave the big red candle & going below 45$- shall be looking for downside first in the zone 42-41$ Related Analysis Attached below
My advice is to stay away from this market for the time being.
CL1 watchout again, yesterday from 47.80 it made 49.20 till now and came back now again to that level @47.80. Now what? Now as CL1 is giving a negative breakout so if it breaks 47.70 then we can see a downfall upto 47.45/47.10, on the upside it should not break 47.90
MCX Crude jumps 150 points from 3200 -3205 to 3340 current price & International -it jumps to 49$- like we book & exit.
CL1! has been trading in rising channel pattern. The prices have tested the lower band and moving northwards. The minor hurdle (black dashed line) at $46.50 if cleared by Bulls (on closing), we might head towards $54-58.
CL1 is on breakout, if it breaks it resistance at 47.80 then it can go upside till 48.80/49.40 levels, on the lower side it should not break 47 level.