Buy crude @ cmp 3570

Buy crude oil @ cmp 3570, 14th Feb 2017, 09.08 p.m

Buy crude oil @ cmp 3570 with the sl of 3510 for the minimum tgt of 3620, actual tgt is 3700 + , manage profit booking @ your own. Don't wait for me to update. It is positional call but crude sl can hit in todays session also. 

Update 1, 15th Feb 09.50 pm

We are @ the same price from where we start the trade. As expected crude took the support near 3540 & turned upwards but it is essential for bullishness that price should break the first resistance placed @ 3589. If it failed then there will be lower top lower lows chart formation. And as per Dow theory if the price breach second low (which is around 3540), price will tumble down like Jack & Jill poem. Lets hope for good. Jay shriram.
Update 2, 16th Feb, 05.00 pm

crude is trading in declining triangle on weekly charts, just see it & you will find that, resistance line of this triangle is declining as time is passing. At the moment the resistance line is posted @ 3565 and price is knocking it. If price cross the line then next resistance on upside is 3580, if failed to cross then 3530. very crucial situation.

Update 3, 17th Feb, 05.19 p.m

As a rule of polarity, now resistance line of prior triangle is become support line. There is only R2 remains as resistance because R1 is breached by price yesterday. So as technical chart showing there is support at triangle r line and resistance @ 3590 only. I can see that there is higher top higher bottom formation is going on, on this hourly chart, which has shown in digits 1-1, 2-2, 3-3?

Update 4, 20th Feb 2017, 04.10 p.m

CMP is 3640 around. Please book all the profits & exit the trade. We shorted crude @ 3570 + 35 rupees carryforward premium = 3605. CMP is around 3640, means we got 35 to 40 points profit. In rupees we got Rs 3,500 to 4000 profit. Yes it is very little profit but enjoy it saying Jay Shriram. 

 

See, what Grega Horvat is saying about crude.

Grega Horvat ‏@GregaHorvatFX  17h17 hours ago

Crude oil is moving sideways for the last few week, a correction that will take us higher i believe. for now, above the neckline pic.twitter.com/qOLEYdRfN0

short crude below 3568

Short crude if it will breach the level of 3568 & stay there for a while. Read the below given hourly chart very carefully. And only after that start reading.

As mentioned in the chart & shown in the prior post, crude is in the no trading zone of 3570 to 3670. If it breach the support line of 3568, then and only then go short. After that, price will go to take suport from channel resistance line. Which will go down & down, as it is southmoving channel.
Thank you.

Update 1, 4th Feb 2017, 01.17 pm. 

CMP is 3615. wait for given price 3568 below to go short on crude. If it will not happen, then wait for few days or hours. That will give us some technical advantage. It is not binding to us to trade on daily basis and loose money. Wait for good chart structure to enter trade. Thank you. 
Update 2, 8th feb 2017, 03.37 pm.
Book complete profit and exit the crude short position. We shorted it @ 3568 and cmp is 3480 around. We have nearly 90 rupees profit in hand.i.e. Rs 9000 in single lot. so hurry up guys. It can not go below 3400. So book your profit. Jay shriram

Crude - waiting for a good chance to enter short trade

2nd feb 2017, 11.25 am, Yes, I am watching crude movement since last few days and waiting for a good chance to enter a short position. Look @ the chart carefully and only then read.

From 27 th Jan 2017 Crude is in a down move. I draw a channel to show the down move. Price broke the channel resistance line around 1st Feb. Point to be noted that this is hourly chart. After breaking channel upwards and gained Rs 30 & made a high around 3620. Again it dropped but took support of upper channel line. Again this rule is proved that," if price broke resistance line and stay above it for considerable time, the resistance line becomes support line." Here you can see the same is happened. Rs 3640 & 3700 is the resistance but if price break last low of 3560 then it will go to take support from channel line , which is going down & down as the time is passing away. I show this down moving tgt in red arrows. This is not trading call. Just for info.

crude done the 78 % retracement of prior fall from 7800 to 2634 @ 2768

Crude 78% retracement of prior fall done

 As  seen in the chart, crude done its 78 % retracement of prior fall from 7800 to 2634 @ 2768 today. Now it should travel again towards 2450 which is final tgt of downmove.

If it will go above 2770 in good way and sustain then, crue will turn bullish.

Update 5th Aug 2016, 07.07 Pm

crude hourly chart 

As said in the original post , crude went above 2770 and sustain in good way near 2800 mark. It turns bullish for short term now, but it should cross 2817 mark, if failed to do so, there will be double top formation. This attached hourly chart shows us fibonacci retracement of fall from 3120 to 2640. Now we cant think about 7800 to 2634 fall because price move above 78% retracement and entered in short term bullish zone in respect to prior chart pattern.

Now price is around 38% retracement of fall from 3120 to 2640 which is 2817. It should cross above this level, if failed to do so , there will be creation of double top and that will work as solid resistance. 2720 is level to watch, if crude go below it, then double top formation will come in place and we can expect free fall of this commodity.

Fibonacci Retracement of crude

Fibonacci Retracement of crude 

 As we can see in attached daily chart, there is fib retracement shown in colors. From Rs 1860 to Rs 3398 crude made a rally. Now it near 50 % retracement 2629. Rs 2450 is 61.8 % retracement, which can be tgt now .