For the last 3days Crude oil has been holding its support $95 and trading above this level, an important Fibonacci level of fall from 115 to 75$. Untill this level is broken, we will assume uptrend to be continued in crude oil for short term.
95 level had acted as a important support level in the past also for 3 times as shown in the chart.
So we will be watching this 95 level closely, if broken shorting could be then done in this counter.
Till then trade should be on long side, since TA believes that "Trend is your friend until its proven wrong".
Stop loss for long trades should be placed just below 95$. If that is broken reversal trade direction would not be a bad idea.
Happy trading!!
95 level had acted as a important support level in the past also for 3 times as shown in the chart.
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| Crude oil holding its support @95 |
Till then trade should be on long side, since TA believes that "Trend is your friend until its proven wrong".
Stop loss for long trades should be placed just below 95$. If that is broken reversal trade direction would not be a bad idea.
Happy trading!!
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