WTI Crude Oil Futures and MCX Crude Oil futures have been
giving traders lot of opportunity to earn daily profits since sessions have
been volatile throughout the day.
Looking at the counter since Thursday morning on MCX, we saw
CrudeOil trading from 4360 to 4452. With Such volatile session it is important to
find out right trade and strategy to make sure you don’t lose your money.
 |
| CrudeOil Price Chart Source by Investing .com |
Market Movement
The movement of the market seems to be like it is ready to
hand on to gains and this could a bullish sign for this counter.
The energy counters are highly dependent on the demand and
supply and this prices would vary based on the demand in the market.
Despite the trade war, we noticed CrudeOil trading in green
and this itself is a bullish sign for this counter.
Technical analysis
The main trend is down but the traders are willing to buy at
these levels since they believe that demand might not be affected with global
trade situations.
Momentum for WTI CrudeOil has turned positive after it reversed
from $60 last week. The main trend could only be defined as bullish if WTI
CrudeOil counters crosses $63.50 since it acts as major resistance.
MCX Crude Oil futures on Thursday closed at 4420 and there
was a lot of movement throughout the day. Looking at the resistance and support
on charts, if MCX CrudeOil crosses 4600 then it turn bullish and we could see
levels of 4700-4750. On the other hand, if it moves down from current level
then we can expect it to trade below 4350.
At current levels CrudeOil prices will be defined by traders’
reaction to the global trends and trade concerns.
Follow us on Pinterest, here
 |
| CrudeOil Investing tips - Generatebucks |
Trading tip
I would advise buying CrudeOil at dips for a target of 4600
in upcoming sessions. If you are looking to create a short positions, then wait
for 4700 since I don’t see a long term bullish opportunity in CrudeOil futures.
Read disclaimer before investing
0 Comments
Leave your comments below.