Crude Analysis
Evening Session : Crude Oil looks bullish: Will it touch 6600 ??
Crude Looks good to go long here at current market price as it bounced from the 5500 zone towards 6000 and went up last week.
- Crude took immediate support around the 5500 zone and bounced back strongly as mentioned in the below chart. We continue to see a lot of support near the 5500-5600 zone in Crude.
- The 200 Day EMA and DMA are placed around the 6450-6500 zone which shows the immediate resistance for crude.
- Crude looks sideways as of now for next few days as downside it has strong support around 5500 zone and upside it has 200 DMA around 6450 zone, so we can expect Crude to stay in this range for a while before taking directional move.
The Crude was largely up or bullish on Tuesday and flat on Wednesday so far. However, over the past week, Crude has bounced from 5800 to 6200 levels and is heading higher.
The Crude has been consolidating within the range from 5550 to 6600 largely. On weekly and daily chart crude has strong support around 5500 zone and upside is open for 6600 and 6800 zone. Crude looks bullish as overall chart structure looks positive and crude is in buy on dips mode. As of now Crude is sideways but overall structure is bullish for Crude which we can see above mentioned image. We will get a directional move above the 6500 zone in crude towards 6800.