Technical analysis: sellers will continue to dominate this week as well. As far as 38.52$ remains as hard resistance prices will continue to form lower lows. Our next best target range would be 34.85$ to 32.61$. last week closing price 37.34$ closed at a bearish note. 6% losses booked on crude as traders continue to worry over the outlook for energy demand. The...
We made good 70 pips profit yesterday both recommendations combined. As mentioned in our previous posts holding anything long will take away your profits hence this market is still seen to be for short term traders only.
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Today we will look to buy some where near 42$ handle back to 43$ 44$ handle as this market is bias towards uptrend.
Even after the bullish inventory news (-4.689M) crude did little yesterday. It did form a higher high but the momentum stayed mixed. At this point we should look at dips as buying opportunities. It is a choppy market which is just grinding upwards in a very slow pace.
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A Great opportunity today will be to buy some where near 42.60$ to take it back to 43.50$ -...
As per our analysis crude did drop yesterday but did not reach our target price. Whether it's a buy or a sell either way holding positions for long are not giving value. Short term trades are what one should look for in this market currently.
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Grinding higher at a slow pace as has been the case for long but has reached the top of the range 43.50$.. going short...
Crude analysis as of 25 aug 2020
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Crude did not do much yesterday as is the case for weeks now. We are just moving up and down without a clear direction in a small area however, a move down towards the 41$ handle would be a great buying opportunity in this market as the overall long term trend is bullish.
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Patience is all we need in this market till we get a...
Weekly analysis:
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Technical analysis: on a weekly chart we can see prices grinding upwards with a slow and steady pace. Dips are seen as buying opportunities so far and this shall continue to be the case unless the weekly candle closes under 40$ handle. We are looking to reach 49$ handle as a buy target however, if we break towards downwards and the weekly candle...
Crude analysis as of 18 aug 2020
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Crude absolutely has no direction. Holding positions for 20 30 pips would be the most appropriate strategy for now which also makes it a difficult market to trade.
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All we can see is prices going back and forth with no clear direction however, knocking $43.50 out would be a bullish signal which might lead to further price increases.
Weekly analysis:
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Technical analysis: crude continues to be range bound but this case won’t stay for long. Its already been a month crude is trading in a range which is getting tight now. Have to wait and only monitor to see which way it will break to. $41.70 is the area to observe. If crude maintains to stay above this than we will see prices to increase further...
looking for a short position today. Yesterday inventory news came as a positive 4.892M which generally means decrease in prices due to increase in supply of crude oil .
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Entry point: 41.84
Stop loss:42.51
Take profit 1: 41.24
Take profit 2: 40.60
Take profit 2: 40.20
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The over all trend of the crude market is still bullish but standing at this point we would...
