A TECHNICAL UPDATE ON CRUDE OIL LIGHT (NYMEX) –5.7.2021

 

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(1^st & 3^rd 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

suranank@gmail.com

Mobile—8240951127/9831313654.