LIGHT CRUDE CONTINUOUS
1000 BARRELS (NYMEX)
CLOSED AT $ 74.34 ON 5-10-2018
SUPPORT:-$73.73/73.25/72.90/71.47/71.26/70.43/67.91/64.43.
RESISTANCE: - $75.27/76.90/77.28/84.05/85.61/87.15/91.24/92.50/107.
TECHNICAL OBSERVATION :-
The trend is up as of now and it has given
upside breakout also from the top of $75.27 but closed below it, however it is
expected to move up again, but moving up it has tough resistance in the range
of $74.50—85, therefore it seems that it may move sideways for some time before
moving above the aforesaid range but once it moves above this range and sustain
then it can hit $92.50 to 107 levels very quickly(very likely). On the downside
it will have good support in the range of $72.50----71.50—69---67---64.43. The
bias is as of now on the upside but since it is stuck in the range $75.27---67
and wild swing may be there therefore both side trade can be tried depending on
the price movement.
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:- The trend is up but in view of the
tough resistance range ahead, one should be extremely vigilant in initiating
long trade at this point. However aggressive trader can try long call if it
sustains above the breakout point of $75.27.
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.
Kindly note that make your cost your
stop loss in favourable 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.
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.