Crude Oil Update

In our last weekly update – http://www.vtrender.com/content/mcx-weekly, we had mentioned about the balance developing in crude and how a break would set up a low risk high probability trade.

 

The conservative trader was watching the levels given in the post above "4803 below and 4972 above are the levels to break for the sideways move to end."

 

Have a look at this chart –

 

Mp Crude 0 Crude Oil Update

 

Crude broke through the 4803 zone and made a quick 150 point move before testing old support at 4636 today/.

 

Profile chart above again shows a mini balance developing signaling that shorts are booking out.

 

There is no evidence yet of new longs entering for a swing.

 

Aggressive longs can only be considered  with stops  below 4636 for a target of 4707 and 4745.

 

The profile structure is damaged and the seller will come back in at higher levels.