Nymex crude oil trading at 60$ and since so many days oil price trading in 2-3$ range from 59$ to 61$ . Crude oil seen a major pull back from its lows of 45$ and it is still roaming in positive zone however OPEC does’nt seem so supportive for crude oil prices and they are targeting US shell business which is shievring with huge losses due to lower crude oil prices . So this analysis would be middle term and levels wont be for short term trades
If WTI crude oil price click our support of 55$ and manage to close below this major support then expect another round of sell off in oil prices upto 51$ – 47$ and even more downside not ruled out below these levels
If crude oil prices click our major resistance of 66$ and manage to close above this major hurdle then expect a fresh buying in crude oil upto 70$ – 74$ and more
So should we buy crude oil ?
or should we sell crude oil ?
Major trend is still positive till holding 58$ in intra day trading however OPEC and other fundamental reasons hinting weakness but if you are long term traded and you want to invest in crude oil then look for some stocks which are related to crudeoil because crude oil future would not solve the purpose of investment , if you have access of spot crudeoil trading then its best to invest in small quantities in every dip .
Crude Intra day trend is weak
Crude Short term trend is flat to negative
Crude Long term trend is positive
More will update to our trading signals subscribers