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HomeBusinessHOW TO PLAY WITH US OIL: TECHNICAL COMMENTRY

HOW TO PLAY WITH US OIL: TECHNICAL COMMENTRY

In my last article about WTI CRUDE, recommended long position at 64.93, thereafter made a low of 62.42 and bounced towards 73.30 Resistance.

That’s positional trade with 61 as protective stop with said Target of 104.

Bulls will take full control once there is weekly close above 73.33.

So that there is need to review once, let see what chart says about it, in this week.

Currently doing business at 71.

Immediate support is seen at 70.621-70.358, if it holds for now, there is a chance of bounce towards 72.15 again.

This would be short opportunity for 68.58 with 73.35 as exit on adverse situation.

Low risk trader put sell stop just below 70.35 for same Target 68.58, Yes any violation of 70.35 will drag price towards 68.58.

Get ready for long at 68.58 for 73.30/73.58 with 67.80 as protective stop.

Any day close below 68.58, then 64.02 can’t be ruled out (not a preferred scenario this time).

Conclusion: we are heading towards 65.58; Buyers are patiently waiting for this.

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