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.

 

 

A TECHNICAL UPDATE ON CRUDE OIL LIGHT (NYMEX) –25.9.2021

 

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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

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.

 

 

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

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—16-4-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $40.36 ON 15-4-2016

SUPPORT:-$ 39.91/38.39/37.75/37.60/37.04/35.24/34.53/33.55/32.70/32.40/30.56/29.25.

RESISTANCE:-$42.03/42.21/42.49/43.46/43.97/47.71/48.36/49.33/50.92

.

(Figure in bold are important)

As expected it gave an up move but failed to give upside breakout from the upper band of the range$42.49(see my post for 10-4-2016) after coming so close to it. It made a high of $42.42 on 13.4.2016; and then slipped down in corrective mode but still looking o.k. and moving within the range, but technically it has made a double top, so now $42.49 has become very tough resistance point and if it fails to cross it soon then it could reasonably correct from here. Furthermore it is in the making  a bearish pattern and the range of which is between $42.49---35.24 but it does not look  alarming as of now but if it breaks the lower band of the range i.e. $35.24 and sustain then it could go down sharply. Please note that its important points for the year 2016 are also within and near the range at $37.60/37.04 & 34.53,so the broad range is between $42.49—34.53 therefore one should get alerted in long trade below $37.60 and exit trade below $35.24 & below $34.53 for sure . Since it is stuck in a range now so it is suggested to buy at lower end of the range and book profit at the higher end of the range and vice versa with proper stop losses till it gives either side breakout from the range to trade decisively. Please note that long trade should be handled vigilantly and with extreme caution and care because it is still hugely bearish on the long term charts.

        

REMARKS:-  Long term trend is down , It is moving in a range now so either  trade in the range as suggested above or wait for the breakout to trade decisively. 

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.

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.

Note: Price stated here is of spot market. 

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—10-4-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $39.72 ON 8-4-2016

SUPPORT:-$ 38.14/37.60/37.04/35.24/34.53/33.55/32.70/32.40/30.56/29.25.

RESISTANCE:-$39.84/40.06/42.21/42.50/43.46/43.97/47.71/48.36/49.33/50.92

.

(Figure in bold are important)

It was hugely bearish on the technical chart when I last wrote about it on 18-1-2016 and it is still bearish on the long term chart as it is way below its long term moving averages on the weekly and monthly chart. But it is showing some improvement on the daily chart, as it is making higher top and bottom, it is above some of its long term moving averages and of course above its short term moving averages too. Therefore an up rally could be in the offing from here in coming days . In this regard please note that at present it is moving in a range of $42.49—37.04—34.53 and sustained break above $42.49 can take it to the level of 49--50.90. Please also note that its important points for the year 2016 are at $37.60/37.04 & 34.53 and it is reasonably above it now, therefore as long as it holds the aforesaid levels there is a good chance of moving up from here and looking at the overall pattern on the daily chart it seems that upside breakout from the level of $42.49 is very likely, so watch out. In view of the above observation it is suggested to follow buy on dip strategy but not below $37.04 with proper stop loss and add further long position if it gives a sustained breakout above $42.49.

        

REMARKS:-  Long term trend is down ,but pattern on the daily chart indicates that in short term it could give an up move from here , therefore long call can be tried as suggested above.

 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.

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.

Note: Price stated here is of spot market. 

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—18-1-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $29.42 ON 15-1-2016

SUPPORT:-$ 26.65 / 25.04/24.82 /23.70/ 16.70.

RESISTANCE:-$31.77/ 32.20/32.40/32.70/34.53/37.04/37.60/38.39/39.91/42.20/42.58/43.58/48.36.

(Figure in bold are important)

It is hugely bearish on the technical chart. It is running far below its long term moving averages on the daily, weekly & monthly chart which indicate gross weakness, furthermore it has broken its multi year bottoms which was in the range of $32.70—32.20 and at present running below 12 years low which is unbelievable, looking at the chart it is very difficult to gauge where this fall is going to arrest. Going down it will find good support in the range of $26.65—23.70 and if this range is taken out and sustained then it could seek much lower levels. Please note that it may show some strength if it manages to cross and sustain the range of $32.20—32.70 and then $34.53 and it can build on this strength if it moves and sustain above $37.60 but as of now it looks like a distant dream, so watch out.       

REMARKS:-  Long term trend is down ,therefore buying is ruled out till it shows visible sign of some kind of bottom formation.

 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.

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.

Note: Price stated here is of spot market. 

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)—14-12-2015

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $35.62 ON 11-12-2015

SUPPORT:-$ 32.40 / 26.80 / 25.04/24.82 /23.70/ 16.70.

RESISTANCE:-$ 37.80/39.91/40.25/41.15/42.20/43.58/48.36.

(Figure in bold are important)

It is hugely bearish on the technical chart. It is far below its long term moving averages on the daily, weekly & monthly chart which indicate gross weakness, furthermore it is running far below its 76.40%  retracement point of  $42.20   derived from its all time top of  $147.27 and bottom of  $9.75(as per data available )which is a bad sign. Now the multi- year strong support for it exists at $32.40 and if it breaks this mark and sustain then it can drag it down further to $26.80 / 25.04/24.82 /23.70 levels, chances of which looks reasonably good at this point of time. Similarly to show some stability and strength it has to move above $42.20 and sustain, therefore the range for it is between $42.20—32.40 as of now. Since the bias is down it is better to avoid long call, however aggressive  trader can initiate both side trade keeping the said range in mind but should be extra cautious and careful in long trade.

REMARKS:-  Long term trend is down ,therefore buying is ruled out till it shows visible sign of some kind of bottom formation.

 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.

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.

Note: Price stated here is of spot market. 

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX)-(An Up Rally May Be In Sight)--1-2-2015

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 48.24  ON  30-1-2015

SUPPORT:-$43.58 / 42.20 / 41.15 / 40.25 / 37.80 / 35.25 / 32.40 / 26.80 / 24.82 / 16.70.

RESISTANCE:- $51.27 / 52.44 / 53.76 / 55.11 / 59.04 / 63.72 / 66.15.

( figure  in bold are important)

Crude made a sharp up move today and closed 8.33% higher than the previous days close but it is still looking highly bearish on the technical chart. In the month of Jan-2015 it oscillated in the range of $55.11—43.58 and managed to hold the very important support level of $42.20, please note that if it breaks this level and stay then it can go down to $32.40, similarly to gain a technical foothold it has to move above $54 and stay then we can expect a reasonable recovery. Today’s sharp up move may be an indication of a short up rally in the offing but the long trade should only be initiated above $54 with a stop loss of below $52.30 or near $42.20 with a stop loss of below 41.15.

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:-  Long term trend is down, but today’s sharp up move may be an indication of short up rally in sight but long trade should only be tried above$54 or near $42.20 with the suggested stop loss mentioned above.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE (NYMEX)-Still Bearish But Near Critical Support-13-12-14

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 57.81  ON  12-12-2014

SUPPORT:-$55 / 53 / 49.90 / 45.44 / 40.25 / 35.25 & 32.40.

RESISTANCE:- $63.88 / 65.69 / 66.15/ 71 / 73.25 / 77.83.

( figure in bold are important)

I had bearish outlook for crude (see my last post of  5-11-14) and technically still it is tremendously weak and as expected it has also broken all important support levels going down , now the critical support  for it exist at $55 & 53 and if it breaks$ 53 mark and stays then it may retrace the entire up-move and if it does then it can come down to $32.40 level and going down it will find good support at 49.90 / 45.44 /40.25 /35.25 & 32.40.Since it is very close to the critical support area and technically oversold too, I would  suggest to stay neutral here , because it may stage a pull back from here, so the  aggressive  trader can try long call near $53 with a stop loss of  $52 for an expected pull back but since it is in long term down  trend, I would suggest not to take advantage of the expected pull back instead  try short call on the rise at appropriate level with an adequate stop loss or sell if it breaks $53 mark and stays with a stop loss of $55.Going up it will face good resistance at 65.69 & 66.15.

REMARKS:-  Long term trend is down, therefore I suggest to try sell call on the rise with proper stop loss instead  long call for the expected  pull back. Stay neutral for some time till it breaks $53 mark.  

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Light Crude Continuous(Nymex) In Bearish Mode-5-11-14

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $77.19  ON  4-11-2014

SUPPORT:-74.95 / 70.76 / 68.59 / 64.24 / 62.70 / 58.32 & 55.

RESISTANCE:-79.44 / 81.20 / 82.88 / 85.61 / 90.

TECHNICAL----OVERVIEW

Technically Crude looks highly bearish. It is well below its short and long term moving averages on the daily and weekly chart and has been continuously falling from the level of $107.68. It has a very good support area in the region of $74.95—70 and since it had witnessed straight fall from $107.68 to 75.84 so it may stage a pull back from here ,if it happens it may be muted one and going up it can face stiff resistance at $79.44 / 82.88 & 85.61 level. Therefore as of now the broad range for it is between 85.61---70. Please note that break below $70 mark can drag it down to$ 63 / 58 & 55 levels. Chances of which are looking reasonably good in coming days but only if it breaks $70 mark and stays below it. Since it is in bear trend I would not like to advantage of the expected pull back instead I will try short call on the rise at appropriate level with an adequate stop loss. Aggressive and contrarian trader can try long call for the expected pull back now or on dip with a stop loss of below $70 but I would advice to avoid long call below $79.44 for the entire month of November-2014.

REMARKS:-  Long term trend is down,therefore I suggest to try sell call on the rise with proper stop loss instead  long call for the expected  pull back.

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade