CMP: 83.82, Target : 85.41 , 92-94
Crude Oil has been trading within a channel for quite some time. Short term it looks very bullish.
if resistance 85.41 is broken, it will hit the upper trend line 92-94, depends on the timeline when it hits. Most likely before end of Feb or earlier.
We can expect some pull back once it hits the upper trend line, might be a time to add to the shorts. But if it breaks out the channel, moves will be very wild upside.
Crude Oil has been trading within a channel for quite some time. Short term it looks very bullish.
if resistance 85.41 is broken, it will hit the upper trend line 92-94, depends on the timeline when it hits. Most likely before end of Feb or earlier.
We can expect some pull back once it hits the upper trend line, might be a time to add to the shorts. But if it breaks out the channel, moves will be very wild upside.
Trade closed: target reached:
Crude reached my target 93.. Next it's going to test previous high 95.9.. Time to start adding to shorts in small positions.