Once again Crude bluffed majority of us.Since the retail traders were expecting crude prices to shoot down , but the prices took the support of 6190 levels and shoot up to make a new high of 6245. Once again reminding 6280 is the key resistance , if prices go above 6280 and sustain their then we might see prices shooting till 6325 atleast , also a news flowing in the market that crude might touch 104 $ in the coming sessions. Above 628 that once a lot of domestic as well as international stop losses will trigger. Also yesterday before inventory , crude made a high of 6280 and it came down, now once again it will try to breach the 6280 levels . Going shorts from here will be dangerous , my money more on the buy side.
Hold crude buy with SL of 6190 . target another 100 points in the coming sessions.
CMP - 6235 8:20 pm
Source : TradeDiary
Note : The views is solely of an individual firm and does not guarantee success.
I have already sold one lot at 6250 and will sell one more lot at 6390 if comes ; my target is in range 6103-6135 range. Wait and watch . Sold lot in next contract.
ReplyDeleteoh great , good trading strategy ,surely your capital will be good enough to trade , patience required , your strategy would surely reap profits. All the best
ReplyDeleteAt current level of near 6250 ; crude is in overbought condition . For any upmove it will have to cool down first and the downside resting pad is 6103-6135 range.
ReplyDelete