Crude oil - Trading with support-resistance levels…
Crude oil prices have been trading in a broad range of 5915-6555 since last week of January - till date. Prices have again and again rebounded from around support of 5915-5935. Recently, prices had again declined close to the same support making low of 5933 and then rebounding above 6008 levels. However, price gains are likely to get capped by the downward sloping resistance line at 6155-6170.
On the technical indicators: 14-day RSI too has rebounded from above the over-sold region i.e. 30 and is currently trading above its moving average, suggesting a possible bounce back in prices.
Outlook: Crude oil prices are likely to bounce back and rally towards resistance at 6155-6170, and on break-out above the resistance line, prices can test levels of 6275 and 6410. However, on the downside support holds at 5915, below which we see prices declining towards the support line 2 at 5645.
Strategy: Buying is advised in Crude oil August futures at 5975-6010 and more can be added on dips to 5945, for Targets of 6110-6180. One can add more positions above 6181, for targets of 6275 and 6410, maintain Stop below 5915.
WHAT EVER YOU EARN FROM MY CALLS PLEASE GIVE 10% PROFIT'S FOOD TO COWS AND DOGS HELP THM GOD WILL HELP YOU-!!!
Crude oil prices have been trading in a broad range of 5915-6555 since last week of January - till date. Prices have again and again rebounded from around support of 5915-5935. Recently, prices had again declined close to the same support making low of 5933 and then rebounding above 6008 levels. However, price gains are likely to get capped by the downward sloping resistance line at 6155-6170.
On the technical indicators: 14-day RSI too has rebounded from above the over-sold region i.e. 30 and is currently trading above its moving average, suggesting a possible bounce back in prices.
Outlook: Crude oil prices are likely to bounce back and rally towards resistance at 6155-6170, and on break-out above the resistance line, prices can test levels of 6275 and 6410. However, on the downside support holds at 5915, below which we see prices declining towards the support line 2 at 5645.
Strategy: Buying is advised in Crude oil August futures at 5975-6010 and more can be added on dips to 5945, for Targets of 6110-6180. One can add more positions above 6181, for targets of 6275 and 6410, maintain Stop below 5915.
WHAT EVER YOU EARN FROM MY CALLS PLEASE GIVE 10% PROFIT'S FOOD TO COWS AND DOGS HELP THM GOD WILL HELP YOU-!!!
Crude oil is a price volatile commodity.A good source this post is to learn experts suggestions. Referring experts views on trading tips, mcx tips is helpful in improving trade results.
ReplyDeleteThanks for sharing informative post.
ReplyDeleteExpertcrudeoil.com
Expert crude oi Reviewsl