LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)--17-4-2015

CLOSED AT $ 56.39  ON  15-4-2015

SUPPORT:-$53.76 / 53.27 / 52.44 / 50.08 / 47.05 / 43.58 / 42.20 / 42.03 / 41.15 / 40.25 / 37.80 / 35.25 / 32.40 / 26.80 / 24.82 / 16.70.

RESISTANCE:- $ 59.04 /61.78 /  63.72 / 66.15 / 75.50.

( figure  in bold are important)

In long term crude is still bearish on the technical chart but recently after consolidating for couple of weeks made a good up move in last 2-3 days crossing the  critical level of 52.44 / 53.27 / 53.76 and recent top of 54.24 on 15-4-2015, please note that if it could hold this upside breakout from the top of 54.24 for another 2-3 days( it is likely to hold) then it could give a decent up move and may hit 59 to 62 level on the up side  very quickly. Therefore long call can be tried here or on the dip with an alert point below 53.76 & 53.27 and stop loss of below 52.44.

 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 . Long call can be tried as suggested above.

 Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

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