Crude oil
USOIL
fell sharply from 75 levels to make a low around 67.
However, this low is higher than the previous one so the rally may not be over yet.
I can see that the price has bounced back after retracing around 61.8% of the previous upmove, forming a Bullish Engulfing candle.
So we might be in for another cycle of an uptrend in Crude.
As long as the price sustains above 66, would be skeptical that the rally in Crude has ended.
Would keep a close eye on OMCs (HPCL,BPCL,IOC) which might be hammered once again if there is a surge in Crude Oil price.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
USOIL
fell sharply from 75 levels to make a low around 67. However, this low is higher than the previous one so the rally may not be over yet.
I can see that the price has bounced back after retracing around 61.8% of the previous upmove, forming a Bullish Engulfing candle.
So we might be in for another cycle of an uptrend in Crude.
As long as the price sustains above 66, would be skeptical that the rally in Crude has ended.
Would keep a close eye on OMCs (HPCL,BPCL,IOC) which might be hammered once again if there is a surge in Crude Oil price.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.