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

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Nifty has given 40% Returns from March lows; Whats next are we ready for a decline?

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.

LET THE MARKET TELL WHO WE ARE

Search This Blog