CRUDE OIL LIGHT (NYMEX)
Open---$77.25---High---$78.24---Low---$76.90---Close---$78.05---on
25.9.2021.
Support:$77.83/76.70/76.12/75.64/73.27/72.02/71.28/70.42/67.61/67.48/64.96/64.57.
Resistance: $79.60/80.50/82.90/86.74/88.49/89.58/96.75/98.74/105.92/113.02/115.71/121.20.
(Bold and underlined figures are most important)
It is on a strong technical footing as of now
and most importantly on the verge of giving major upside breakout from its
downtrend line drawn from the all-time high top of $147.25 it made on 11.7.2008.
Please note that the breakout points are $80.40 & 79.90 for the month of September & October-2021 respectively and if it gives breakout
and sustains it on the closing basis then it could be heading for good rise.
Moving up its target or stiff resistance points could be at $83---90---97.50---102---105---114---121.20.
Similarly if it fails to
give breakout then it could fall and moving down it will find good support at $76.51---75.11---74---68.21(figure
can change if it moves above $78.24), break below $76.51
will push it into very short term correction mode, break below $75.11 will push it into short term
correction mode, break below $74
will push it into deep short term correction mode and break below $68.21 will push it into medium term
correction mode. The overall technical setup as of now indicates that the chances
of upside breakout look great in coming days.
REMARKS:--The long term bias is up and short term outlook is also positive as
of now.
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.