Crude oil‘s rally continued last week and reached as high as 109.32 dollar/barrel. Crude given a long bull run in new financial year. Now its time to review at reversal possibilities.
As we can see on charts crude fired from lower level & now reaching to the topline of current ascending channel around $110.50. This area also represent a parallel resistance which is in combination of 200% feb correction level. Thus the combination of many hurdles & over bought indicators we may witness a profit booking season from these levels.
Based on above studies, we will prefer to sell crude & will be looking for some possible targets around $100 & lower. $106 could be little stopper for the above.
Related Readings and Observations
Four Visible Technical Signs that Crude Bottomed Out Here are the 4 visible signs (Volatility Sentiment, Magazine Indicator, COT Percentile , Gold Oil Ratio) we look into it to predict the possible bottom in Crude.- NYMEX Crude Might Hit Back Again Now crude is trading around $48.94 & as we can see on charts, its approaching to the broken tradeline of last symmetrical triangle pattern. This recovery seems to be a corrective one […]
- The Volatile Crude and the Rude Global Markets On monday international crude breaks more than 5% and settled around $50 level which is the lowest settlement since April 2009. Crude tumbled heavily after data showed Russian oil output […]
- Daily commodity technical analysis – November 12, 2014 Gold fail to get stability above $1172 mark & fall back. However the move was not well supported by volume due to bank holiday in US market. Coming back to technical an triangle […]
- Daily Commodity Technical Analysis Overview – 3rd Nov 2014 Gold consolidating after sharp fall & trying to retest the broken support level turned into resistance. WE may witness more weakness as far as $1182 area remains as EOD resistance.
- IS Crude Ready to Fall More? Now crude is trading around $81.30 & we can see on charts crude unable to trade able broken support area of $84.20 while a formed a very bearish candlestick pattern just below the […]
Crude fall more than $4 from the mention resistance area. Awaiting for the projected levels.
Crude almost reach to tgt area, kissed $102 mark yesterday. Hopefully the fall will come continue for mention tgt area.
pls update all market news ,bse,nse,mcx,forex,curency i am wait from notify