CRUDE MCX PANI PANI, Kya Bola Tha Abhi Mera Target Pura Nai Hua – Remmber or Not????
My MCX Crude Oil Sell Tips : MCX Crude Oil Ready for 4830—4770—4620, Sell on Rise – Neal Bhai Reports
My Ultimate Target ₹ 4555 Very Very Soon – MCX King Neal Bhai
Technical Power of CFA’s
(CHARTRED FINANCE ANALYST)
“No Magic, No Miracle, Just Power of Level”
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
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WTI Crude Oil
The WTI Crude Oil market initially when sideways during the trading session on Friday but then turned around to show signs of life again. The $70 level of course is very important from a psychological standpoint, but quite frankly the structural standpoint isn’t overly compelling at this point. I think that rallies would make sense as we have sold off so drastically, but I think it’s only a matter of time before the sellers get involved and start shorting. Quite frankly, I believe between the $73 level and the $75 level we will see a lot of supply.
Brent
Brent markets bounced rather nicely after falling during the trading session on Friday, testing the uptrend line that has been so crucial for quite some time. I think that this bounce is a good sign, but it’s not until we break above the $75 level that I would put the money to work. At that point, I suspect that the $77 level will cause a bit of resistance as well, as I see so much in the way of supply. I think short-term buying is possible, but we are going to make a serious go at this uptrend line, and if we can break down to a fresh, new low, extensively below the $73 level, then I think the market probably unwinds down to the $70 handle after that. Expect volatility, but it certainly looks as if there are a couple of clear levels to pay attention to.
