LIGHT CRUDE CONTINUOUS
1000 BARRELS (NYMEX)
CLOSED AT $ 48.24 ON 30-1-2015
SUPPORT:-$43.58 / 42.20 / 41.15 / 40.25 /
37.80 / 35.25 / 32.40 / 26.80 /
24.82 / 16.70.
RESISTANCE:- $51.27 / 52.44 / 53.76 / 55.11 / 59.04 /
63.72 / 66.15.
( figure in bold are
important)
Crude made a sharp up move today and
closed 8.33% higher than the previous days close but it is still looking highly bearish
on the technical chart. In the month of Jan-2015 it oscillated in the range of $55.11—43.58
and managed to hold the very important support level of $42.20, please note
that if it breaks this level and stay then it can go down to $32.40, similarly
to gain a technical foothold it has to move above $54 and stay then we can
expect a reasonable recovery. Today’s sharp up move may be an indication of a
short up rally in the offing but the long trade should only be initiated above $54 with a
stop loss of below $52.30 or near $42.20 with a stop loss of below 41.15.
Kindly note
that profit should also be booked in trade from time to time at the appropriate
points so that you can take advantage of the market swings.
REMARKS:- Long term trend is down, but today’s
sharp up move may be an indication of short up rally in sight but long trade
should only be tried above$54 or near $42.20 with the suggested stop loss
mentioned above.
Disclaimer:-The view expressed here are
solely of the author and he is not at all responsible in any way for the
outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
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Thank you for sharing your views.