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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.
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