Long term Levels;
On Monthly chart Crude has formed ABCD pattern.....It has retraced and trading between 23% to 38% levels.....There is a big chance of crude bouncing back......
If Crude break and any day closing is above 6139 Then Crude can again go till 7240 - 7784 levels which is a supply zone...
If Crude break and day close below 5934 then Crude can go till 5100 levels.....and Then 3543 level....
Considering the present scenario.....Most probably crude will have up side moment to 7240-7784 levels in coming months....But from these levels then Crude will start falling till 5100 and then 3545 levels....
Our view to Positional traders is to stay on buy side with SL placed below 5934....TGT 7240...
On Monthly chart Crude has formed ABCD pattern.....It has retraced and trading between 23% to 38% levels.....There is a big chance of crude bouncing back......
If Crude break and any day closing is above 6139 Then Crude can again go till 7240 - 7784 levels which is a supply zone...
If Crude break and day close below 5934 then Crude can go till 5100 levels.....and Then 3543 level....
Considering the present scenario.....Most probably crude will have up side moment to 7240-7784 levels in coming months....But from these levels then Crude will start falling till 5100 and then 3545 levels....
Our view to Positional traders is to stay on buy side with SL placed below 5934....TGT 7240...