Crude Oil: Stay Away!!!!!

[bkhanna1]

I think it is a good time to wait and watch with regards to crude oil. The market is in a state of unbalance. Brent is trading at a premium to WTI and the political factors seem to be weighing the charts down.

I agree that the market will be choppy but the opportunity to make big money is limited at this time. A range between $59 and $63 is likely but taking any sort of directional calls at this time will probably result in stop outs.

This is a day traders market and unless that is how you trade it is best to stay away. You cant even really make a reliable 2-3 day forecast of prices.

What does everyone else think?

 

[pooja_salve]

hi

just now i have seen crude oil chart and i think Nymex april futures should reach $63.32 level.

But short term outlook is bearish. It should come down to $55 levels very soon.

 

[kaushal]

Hi
The major support crude is $55.50 if it break the level you will see the crude near 53, and upside 63.15. if it break the resistance level you will see near 65.
Moreover buy crude at the dip level.
Buy Mcx Crude April: 2790 T1:2819-2825 T2:2843
REgards
Kaushal shah

 

[pooja_salve]

thanks kaushal

for ur information.

pooja

 

[bkhanna1]

I agree with both of you. That said can I short at these levels and if so with what level of confidence. If not why not?

These are the questions that need to be answered......

Thanks for the comments and keep them coming...

 

[kaushal]

What are u queries

 

[kaushal]

Buy Crude CMP(2760) T1:2780 T2:2800-2820 SL:2745
Have a nice trade

 

[charlietulsian]

Crude sud no way go up at the present situation. Can anyone give me a solid reason for it being @ 63$ even!!! All bull run credit goes to UNCLE SAM. They zoom up the price wen they have to sell and vise-versa. One can go short at these levels.

 

[kaushal]

A person who goes on short has to pay cheque....
Buy MCX Crude April Above 2912 for target of 2965-3010 with a stop loss of 2845.