Trend Change In Crude Oil

Friends, the first time we are going to write on commodity script. Our base of analysis is a candle chart and based on that we can analyze/predict any script. Before this, we have predicted about DOW JONES index and it has worked well. Today we will see chart analysis of WTI CRUDE OIL on daily as well as hourly time frame.    

Technical Overview of CRUDEOIL: If we see the daily chart of Crude Oil from 20^th September 2019 then Crude Oil has closed in red every day till 03^rd October 2019. After this big drop, it has created a base of six daily candles and start the fresh rally from the same. It has shown good rally (i.e. Higher-High and Higher-Low trend) as we can see marked Trend Line. The price has made four higher top and three lows. On the last trading day, Crude Oil has given Breakdown to Trend Line and closes below i.e. we can consider it as trend change signal. However, there is immediate support around 3950-3955 i.e. previous Higher-Low. Also, Crude Oil has broken its 200 DMA and closed near 50 DMA. We are bearish on Crude Oil but expecting a small bounce from the current levels and we can sell on rise.

As per the daily chart, we can sell Crude Oil on rise i.e. around 4000/4050 for the targets of 3950/3900/3820. We have to keep a stop-loss of 4075 on a closing basis.

As per the hourly chart, Crude Oil has closed near strong support as well as demand zone. We are expecting small up-correction i.e. profit booking of sellers and we can make this up-correction as an opportunity.

We can buy Crude Oil from current levels i.e. 3969 with the stop-loss of 3950 on a closing basis and hold for targets of 4000/4050. Or we can wait for one more hourly candle if it breaks and closes below 3950 then we can sell crude oil.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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