Wednesday, 28 January 2015

VIEW ON CRUDE OIL


From the above chart of of crude oil we are clearly able to see crude oil was moving in triangular pattern with the high 115$ and low of 65$. 115$-65$=50. The Break down of the Triangle pattern happened @ 95$ . The target of this was near 95-50=45$. The CMP is around 44.5$, it looks a lucrative bullish bet. RSI confirmed the triangle pattern and now crude oil is deeply oversold. Targets are 77$(38.2% retracement),91$(50% retracement),105$(61.8% retracement). 

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