Crude (24.06.2015) trapped in a tight range since beginning of May 2015 and still searching for a direction. However, the range bound move provides great trading opportunity for swing traders.
Now as we can see on charts, crude continues trading in tight range and with this time consuming move, all indicators became neutral starting in mid-May. This kind of trading generally ends up with a panic move on either side and provides a long term direction. Apart from the current triangle pattern, the parallel resistance and support will play an important role. As far as present trading level, selling will be our preference, as it is associated with higher risk/reward ratio.
On the fundamental side, long term US oil inventories are still on higher levels, while ongoing Greece concern and improving data from the US will keep pressure on oil prices.
Based on the above studies, we will prefer to stay on sell side as far as $63.20 mark is not broken with day closing. On the lower side, $57 - 56 will could be good profit booking area.
MCX levels-> S2(3720) S1(3805) cmp(3900) R1(3954) R2(4023)
Disclaimer: Above technical analysis is not a buy/ sell recommendation.
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Crude Trapped In Triangle
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