Morning !
CRUDEOIL today made a high of $61.60, last time when it was at this price was on 24th June 2015 with a high of $61.56.
Referring to my previous call given on 25th May 2017
CRUDEOIL today made a high of $61.60, last time when it was at this price was on 24th June 2015 with a high of $61.56.
Referring to my previous call given on 25th May 2017
"SELL CRUDEOIL IN ZONE OF $50-$51, WITH POSITIONAL TARGETS OF $45 - $40 - $35 - $30 - $25 AND FINALLY $10, THIS IS A POSITIONAL CALL WITH A TIME FRAME OF 12-18 MONTHS (Giving a Range) AND A STRICT STOP LOSS OF $53.75 ON CLOSING BASIS.
GIVING STRICT SL because if gets hit, then it has the capacity to go upto $59-$61 on upside."
The lowest it went was till $42.05 on 21st June 2017 only hitting the initial range of the targets given.
It then reversed and has been on an uptrend since that day.
I also mentioned that i am giving a strict STOP LOSS of $53.75 on closing basis, because if it gets hit then it has the capacity to go upto $59-$61.
Today's high so far is $61.60.
The reason of the stop loss given at $53.75 was basis on the assumption that the current uptrend since $26.04 made on 11th February 2016 till $55.23 made on 3rd January 2017 was a simple ABC correction. But post the fall till $42.07 made on 21st June 2017 and the reversal from there showed it to be a complex correction of a double zig zag i.e., ABC Xabc ABC also know as W X Y correction.
Of this complex correction the second ABC seems to finish on the upside in the zone of $61.60 to $62.57.
Again an opportunity is approaching to sell CRUDEOIL in the range of $61.6 to $62.57 with a STRICT STOP LOSS of $65.
NOTE: There is a rare possibility of the price to go upto $74.95 hence again the STOP loss of $2.5 on upside of $65.
THE POSITIONAL TARGETS REMAIN SAME FROM LAST CALL OF $45 - $40 - $35 - $30 - $25 AND FINALLY $10, THIS IS A POSITIONAL CALL WITH A TIME FRAME OF 18-24 MONTHS (Giving a Range)
Happy Trading !
