Can Crude Oil regain some charm in 2015 or not? (Update)

Crude nearing intermediate support 43 - 44 area as posted in our previous post, an intermediate bounce expected from these levels up to 52/60 with a stop loss below 41.81.

In INR terms 2700 - 2750 support area.

Raju V Angadi

Equity Research Analyst

To Learn simplified objective approach applying Advanced concepts of Elliot Wave Theory in conjunction with Dow Theory & Psychological traits to trade with some common sense & optimize your investment / trading decisions contact on:

 rvangadi@googlemail.com  (OR) +91 78291 55900

Chart 1: Brent Crude Monthly Chart from 1987

Monthly Chart of Brent Crude Chart 1: showing the long term trend of 5 - wave rise from $20 (USD) odd levels to $140, then correcting near $42 odd levels completing corrective wave A and then moving up in a-b-c of corrective Wave B with 3 wave advance confirming corrective move up. Further forming a triangular pattern with Wave B and break down indicating we are in corrective wave of cycle degree Wave C.

Chart 2: NYMEX Crude Weekly Chart

Weekly charts of NYMEX Crude in Chart 2: line chart showing triangle on Wave B after zig-zag move up. Then corrective leg below we are in wave 3 of C.

Chart 3:  NYMEX Crude Weekly Chart

Weekly Bar Chart Nymex Crude in Chart 3: Displays internal wave structure as currently we may be nearing end of Wave 3 of C (Cycle degree) 51.90 or can extend to 44.  Resistance zone can be around $66 -68/$75. Crucial support zone can be $38 - 40 and bottoming out can be expected near those levels.

What could be the near term and medium term outlook for Crude Oil ?

Raju V Angadi

Equity Research Analyst

To Learn simplified objective approach applying basic concepts of technical with some common sense to optimize your INVESTMENT and trading decisions contact on:

 rvangadi@googlemail.com  (OR) +91 78291 55900

     

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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while INVESTING or trading in markets