Skip to main content

Crude oil very short term view for Inventory

Crude oil is moving in a descending triangle on 240 min charts and yesterday good selling seen around $85.90 on its trend line resistance of descending triangle and price fall sharply till 83.61 from a high of 85.70 on Nymex . Crude was trading at 83.66 when this report prepared and its MACD is also supporting  this view and crude can slide up to $80.50-80.50 again during next 1-2 trading session and good resistance seen near 85.70  for this view  and 83.20 is looking minor support . 85.70 is a level that can act as good stop loss for sellers. Today EIA will release weekly inventory for crude oil and expected inventories are  -0.8M for this week and previous were 1.5M expected inventories are also neutral for crude oil if it moves as per our technical view then we can see a good slide in crude in next 1-2 trading session. Over all Crude oil is looking bullish on long term charts and personally I am expecting a $90-103 in medium term. This is only very short term view for momentum traders.

Comments

Post a Comment

Popular posts from this blog

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions. 
Post a Comment
Read more

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen.  On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...
Post a Comment
Read more

Will Gold be Cheaper or Sky Rocket till Diwali?

  Gold spot international currently trading at $1916 up by $15. Gold has been staying within the range formed on August 11, 2020 by a strong bearish bar. It has found multiple supports near the areas of $1870-1860 which is also stands near the low headed by that bearish bar as discussed above. This entire consolidation within the range of bearish bar has taken shape of a descending triangle and now price has climbed above resistance line of this tringle suggesting bullish potential. Price had been staying below 35 days SMA since its bearish cross below SMA during month of August this year but now it has crossed above the same and formed a complete bar above the moving average suggesting bullish developments on MA crossover front. Based on current developments on chart gold is likely to remain bullish as long as it holds above $1885 and having a strong resistance placed near the areas of $1930-1935 zones. Sustained move above $1935 will further strengthen bullish outlook and then it...
2 comments
Read more