Crude Oil (20.09.2013) traded in tight range from last 4 weeks & looks like finding a direction, probably on downward.Now crude is trading around $105.50 & as we can see on charts, crude have taken out many minor supports when it started correcting from the top tradeline of long term ascending channel. Throughout this correction we have identified a triangle pattern which would produce a long move on either side.However we have also seen a corrective move below 61.8% feb level as well as a very negative candlestick pattern with neutral indicators.
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Based on above studies, we will prefer to sell crude for possible target around $102.50 & more . Only a day close above $109 will invalidated the forecast.
So Target is Done! Congrats!
thank u rajandran.
Can you suggest me i’m an intraday trader both NFO & MCX. I hope amibroker platform does with Super trend indicator. Advise me on the same also real time data as well.