Lets talk crude

[comerciante_inde]

Can any one enlightened please advise the view on crude now given that it has breached the crtical support levels.

Here is a non-enlightened one expecting the crude to stay rangebound for sometime with a downward bias.

Keep an eye on key US data in the next week and also the key international events.

In any case Crude is unlikely to touch 70$ or even 65$ again in the near future, terror events not considered.

 

[Mareeche]

We must wait and see if crude will test the 62% retracement of may-aug rally at 58.39. Or else lets wait for crossing of 20dma which is 64.96 for any upmove (which i doubt in the immediate short term). However stochastics and rsi are bearish with a downward bias in prices.

 

[Mareeche]

Now the latest chic in the North AMerican/Caribean skys is Wilma . Would be interesting to see the behaviour of crude in light of this....

 

[Mareeche]

Crude is trading in a narrow range last week or two without a clear direction. The 62% retracement is around $ 57.62. A closing above the 20 day MA which is 62.05 should clear the direction for an upward move. With oncoming winter season, crude is expected to firm up, inspite of the present inventory data which is shown positive. It may be prudent to stay off trading in crude until a clear direction is established, but my personal feel is that it may have some more downside before the uptrend resumes. Play (if u must) with strict stops.

chart attached

 

[Mareeche]

Has crude bottomed out for the present? Lets wait and see. I'm itching for longs here....

 

[nautilus]

Has crude bottomed out for the present? Lets wait and see. I'm itching for longs here....

Hi:

Based on the chart posted in the previous thread here what I would do:

Buy on a break above 2775 with a sell stop-loss at 2735 and looking for an initial objective of 2990.

The risk/reward is 1:5.37 and the probability of win/loss is about 57%

Regards

Nautilus

 

[Mareeche]

Thanks Nautilus for your considered opinion on crude. Will watch these levels. I'm taking this opportunity to compliment on your view (R/R)on Gold at 459 regions. Great job.

 

[nautilus]

Thanks Nautilus for your considered opinion on crude. Will watch these levels. I'm taking this opportunity to compliment on your view (R/R)on Gold at 459 regions. Great job.

Thank you Mareeche

Nautilus

 

[vinayvpl]

PLZ find the same on MCX date wise Bhavcopy

 

[vinayvpl]

PLZ find the same on MCX date wise Bhavcopy on mcxindia.com