Posted by Bhupendra Adhav on Tuesday, October 5, 2010
Technical Analysis CRUDE OIL
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE OIL 98.30 92.07 85.84 83.71 79.61 77.48 73.38 67.15 60.92
NYMEX Crude is consolidating on charts. Last week Crude Oil break its psychological resistance of 80$ a barrel and closed above that. For the coming week 74$ will act as major support and 83$ a barrel will be a major resistance.
For the next week traders can use buy on lower level strategy, if NYMEX Crude break the level of 83$ a barrel and sustains above that then it can slightly come up and touch the level of 85$ a barrel. Trade by keeping the proper stop loss.
at 7:21 PM
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