Technical Outlook & Trading Strategy:-
The price of Crude Oil has broken below its ascending trendline support on its daily charts and has faced heavy selling pressure since then.
Moreover, the price of crude has also closed below a key support zone placed between the Rs 4220—Rs 4200 levels during the previous session.
The momentum indicators are also trading in extremely bearish mode. We believe that any pullback from current levels should be used to take short positions in the counter.
We recommend traders to sell 50% at current levels and again on rallies to Rs 4220—Rs 4230 levels with a stop loss placed above Rs 4253 levels for downside targets of Rs 4110 and followed by Rs 4075 levels expected to be achieved over the upcoming 2-3 sessions of trade.
No comments:
Post a Comment