Technical view by Nooresh

CRUDE ANALYSIS — 147 to 106!! Technically explained


For so many years have been focussed on tracking equities and considering technicals do work sharply on them but in the last few months due to the effect of crude , gold , global cues setting up the sentiment have been tracking crude and giving my views.

Although i may not understand the fundamentals behind movement of crude prices ( are there any 😉 ) but what i have observed is the technical analysis we have been using on equity have been evenly accurate on Crude too.

Some of the big moves , tops , bottoms we picked up on crude which also was a base for some of our stock and index recommendations on indian equities.

Top suggested at 146 . Saw a top around 145.8 . Rising wedge pattern !!!
Again top was suggested around 149 we saw a high of 147 odd.
Within days of our view of a highly bearish pattern being made on crude and its about time it falls and below 134-136 could lead to big collapse , crude hit 120 non stop.
Later we saw a pullback and then break of the weekly lows to test our 112-110 tgt.
Again pullback to 122 ( zone was said as resistance ) and then almost achieving our tgt of 105 .

All the charts are in order of the views !!! Final chart has recent levels mentioned.
Good recap showing how useful technical analysis can be !!

Best Regards,
Analyse India

Article by Nooresh Merani

Nooresh has written 2532 articles.

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