Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

Analysis : Nymex Crude Oil Waiting for a Breakout Move?

33 sec read

 Crude (10.03.2015) fall more than 60% in last 6 months & now consolidating in tight range , probably looking for another big move.

Crude is trading around $50.80 & as we can see on charts it is trapped in a range & producing a symmetrical triangle pattern. Generally these patterns appear before a big move & provide a either side breakout in 50-75% length range. Candlestick pattern are neutral with RSI. Decreasing volume from last few weeks hint for the same.

Crude oil

 
On fundamental side, upcoming crude inventory will decide future direction while Greece uncertainty & dollar strength will keep pressure on oil prices.

Based on above studies, we will prefer to go with the breakout of current symmetrical triangle while $58 mark on upside & $43 on downside act as profit booking levels.

MCX ->    S2(2810)         S1(3020)        cmp(3130)       R1(3300)        R2(3560)     


Note – Above technical analysis is not a buy/sell recommendation. Purely for Educational purpose only.

Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

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