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.