A TECHNICAL UPDATE ON CRUDE OIL LIGHT (NYMEX) –14.8.2022

 

CRUDE OIL LIGHT (NYMEX)

Open---$99.41---High---$100.34---Low---$96.97---Close---$97.92---on 12.8.2022.

Support: $96.95/96.74/94.52/93.64/92.79/89.93/87.79/86.09/84.22/80.25/79.08/78.05/77.06.

Resistance: $99.26/100.34/101.31/102.30/105.45/106.50/107.59/109.09/111.56/112.50/114.94/116.22/120.80/121.20/123.75/125.16/127.02/128.40/133.09/135.14/139.32/146.69/147.50

(Bold and underlined figures are most important)

It is into deep correction mode now and may correct further from here. Please note that to come back on the steady uptrend track again it has to move above its critical points of $102.30---105.45---107.50---114.94---121.20 if it moves above $102.30 and sustain on the closing basis the it will indicate that it could move up further , sustained close above  $105.45 & 107.50 will provide it good strength and will enhance the chances of moving up further and finally if it moves above $121.20 on the closing basis and sustains then it could re-test its all time high of $147.50 or may go beyond it also. Similarly sustained break below $96 on the closing basis will jeopardize its long term uptrend and may drag it down further to the lower levels.

REMARKS: -- The overall technical setup for short, medium and long term looks weak as of now.    

NOTE: - It is a technical assessment 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.