Being Major Trend is down crude oil futures is all set to re-trace it's up move.
So one can Short Around 45.70 and Above keeping a Stoploss level @ 46.50 to 46.60
For Target 44.25$ to 43 $
This is a short to medium term Trade
CL1 Falling but keep eye on 46.33 level for Buy...Strong support level to watch 46.33, It can give a buy bounce from that level. Just watchout 46.33 and if broken than a gud downfall waiting.
Greetings oil traders,
As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y)
Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y)
and the initial move (X) has been stagnated for some time at the areas of 23.6%...
From Last week's update -It was said that 43.60-43.80 zone to be looked for a support & bulls could rejoin for nice up & strong leg in this week from that zone-
Bang On Target -Crude Oil takes support & makes a low@43. 85 before going up -up & Away.
Last Traded Price- 47$+
