- 2017-07-28 2017-07-28,2017-07-28
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Writer-Mcx Sure Gain
Crude oil is one of the most active trading symbol in the commodity market. Most of the traders choose Crude oil in their portfolio because, its highly voletile symbol and gives good movement on daily basis. Today, on our clients request we are here to come up with one more blog about crude oil forcast for comming days.
As we all now that it has given a good upside move in all july month. In the starting days of july it was around 2850 and today on 28th July 2017 it is 3150. It is about 300 point upward move which we can say is very good move for a single trend. But, Now as according to our technical trend line charting method we are looking it to be go down till 3050 levels soon.
Trendline Explained: Above is the image of Crude oil trend line chart where you can see some blue lines and one white line . we have plotted one equilant channel and one butterfly pattern and the white line is the resistance line generated by previous movement. According to the strategy price is not able to break the resistance line. That's why we are looking it to be in sell trend.
Trade: We Can sell Crude oil below 3150 and we can keep SL above the Resistance line (3180) and Target will be 3050-2980 respectively.read more