06.30 p.m,
15/11/2017,
15/11/2017,
As shown in the crude daily chart, price is moving in a upward moving channel. 61% retracement of the prior upmove is placed at 52.42 mark, which is placed at channel supportline also. So , we can expect the price to touch the support line of the channel or 61 % mark which is placed at 52.42. Resistance line of the channel will work as resistance.
Point to be noted is that," I am doing this analysis for my hobby."
update 1,09.29 p.m
As expected, after inventory data, price came down till 38 % retracement, will it take support here or go towards 61 % ? interesting to watch the show.
Update 2, saturday 02.06 pm
As shown in the chart, you can see that crude price took support exactly at 38 % fib retracement & turned upwards. Price also went above the resistance line of the channel. So friends, now we can enter in to bullish position. Dont expect crude price to turn around and touch support line of the channel. Next resistance is 57.80 which is prior high & support is now at the resistance line of the channel as the rule of polarity, now resistance line should work as support line. I am closing this post, thank you , Jay Shriram.
update 3, 24/11/2007
As said in the prior update, price went up & break resistance of prior high. CMP is 58.81. , book full profits & exxit.
