LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX)--A TECHNICAL VIEW--7-10-2018

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