USOIL -> Montly Chart
Keep this chart and important levels in radar in your investment journey.
Higher price of Brent Crude is never a good thing for Indian Stock Markets.
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.
Crude oil yesterday tested major resistance 115. It may rise up to 122 maximum, as per technical chart it should cool down from here. best way to short if it test 122 and close below 115 must short for target 91.
Crude Oil is trading in its resistance zone and could go further down because of the recent war developments between Russia & Ukraine. Fall in crude oil prices will lead to a fall in equity markets as well.
Considering running flat on higher degree & the previous diagonal as an ending diagonal , crude can be considered in 5th wave of higher degree. One should go long on current levels with SL of 91$ & look for the target of the 97$ and 99$-99.7$
LEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern.
Either a larger correction of higher...