NYMEX Crude OIL April CMP: $39.10/bbl
Sell Crude Oil @ CMP 39.10 | Stop @ 41.25 | Target @ 35.8—32.1—28.4
NYMEX Crude Oil chart shows Broadening Triangle Pattern, with Higher Top and Lower Bottom Formation. Crude Oil price has risen from 26.04 since 11th Feb and is trading near the rising trend line at 40.10 . Crude oil price are showing sign of reversal after testing the resistance level of 39.63 (Point E). The contract is now quoting at $39.10/bbl.
Sell Crude Oil @ CMP 39.10 | Stop @ 41.25 | Target @ 35.8—32.1—28.4
NYMEX Crude Oil chart shows Broadening Triangle Pattern, with Higher Top and Lower Bottom Formation. Crude Oil price has risen from 26.04 since 11th Feb and is trading near the rising trend line at 40.10 . Crude oil price are showing sign of reversal after testing the resistance level of 39.63 (Point E). The contract is now quoting at $39.10/bbl.
The Height of the Triangle comes to 3.7 (39.63-35.93) and if prices falls to trades above the resistance level then prices may touch 35.8 — 36 area which is the falling trend line support. Prices could decline further if Crude Oil breaks this level.
Considering the breakdown from 35.8, the next lower level target comes to 32.1 (35.8-3.7) which is 100% of the height of the triangle. Further trading below 32.1, Crude Oil prices may drop further and test the level of 28.4 which is 200% of the height of the triangle.
However, if Crude Oil sustains above the resistance level of 40.50 then prices could rise further and test level of 43 and 47.
