CRUDE OIL LIGHT (NYMEX)
Open---$75---High---$75.58---Low---$74.42---Close---$75.04---on
2.7.2021.
Support:$72.33/71.98/69.98/67/66.41/63.09/62.95/61.56/60.62/59.25/58.59/57.63/57.27.
Resistance:$75.27/76.22/76.91/77.28/84.05/85.61/87.15/91.24/95.44/98.74/100.42/103.39/105.22/107.68/110.55/112.24/114.83.
(Bold and underlined figures are most important)
It is on a very strong technical footing as of now, furthermore quite some time back ,it has given breakout from its major downtrend line drawn from the all-time high top of $147.25 made on 11.7.2008 and it is comfortably sustaining the breakout which is a hugely positive sign and indicate further up move from here in coming days with intermittent short corrections. Moving up its critical resistance or target points could be at-$76.91/85.31/93.51/102.64/114/119.13. Similarly moving down its critical support points would be at-$71.75---65.84—59.78(1st & 3rd figure will scale up if it breaches recent high of $76.22). Please note that sustained break below $71.75 will push it into short term correction mode, sustained break below $65.84 will weaken it further and sustained break below $59.78 on the closing basis will push it into major correction mode.
The long term bias is strongly up and short
term outlook is also positive.
NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.
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 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.
Note:
Price stated here are of spot market.
Contact me for strategic guidance to enter and exit trade.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.