brent crude facing resistance near descending trend channel and horizontal resistance . if price able to close above 64.71 in daily basis means buy active in crude with target of 70 & 73 sl 61.82
Micros and Global markets always impact on Indian stock market.
I am sharing some interesting data for Currency, Crud, DJI and Hang Seng.
USDINR give a breakout on yesterday. It may test 70-70.16-17.36 levels in the short term.
For the Brent Crud, $64 is major resistance. Above $64 it may be strong and below $64 it may test $60 - $58 levels.
DJI major...
From the current pattern, looks like Brent Crude is in the middle of a complex correction and there could be a down move which could have a corrective up move to finish the entire correction.
The stock would probably hit the channel bottom and the go for a long move toward the resistance or might even continue falling if the channel is broken
Brent oil has retaken the 4H 200MA of $70.47, having bounced up from the confluence of the 50-day and 200-day MAs near $69.11.
On the 4-hour chart, I see a falling wedge breakout. THe probability of a rise to $72.00 would rise if the 4H RSI breaks above 48.00. As of now, it is hovering at 45.68.
Even if it rallies to $72.00, the outlook as per the daily chart...
Hi Guys,
As you can clearly see in the chart, Brent is entering into the resistance area and also retraced 61.8 percent. it might fall from here after consolidating for some time. wait till it comes out from the area and short when it comes back to retest.
good Risk reward from here in the downside.
Not a financial advice.
