USOIL has rallied from 70 to 76 after RSI divergence on the daily chart. The key challenge if upward trend has to solidify is breaking and retest of the 200EMA, which is currently at 77. Failing which, a possible return to the lows.
1. In the weekly chart, pull back to the 200EMA in Jan, has been stuck in a range between 67 and 83 since then.
2. Breakout of resistance could lead prices to 100, breakdown of support could lead to the 50 zone.
3. Breakout on the upside could pile on downward pressure on Nifty and Bank Nifty due to the dependence of the Indian economy on crude.
4. Crude traded higher, the market hoping for a pause in the interest rate hikes by the Fed in its meeting next week.
1. In the weekly chart, pull back to the 200EMA in Jan, has been stuck in a range between 67 and 83 since then.
2. Breakout of resistance could lead prices to 100, breakdown of support could lead to the 50 zone.
3. Breakout on the upside could pile on downward pressure on Nifty and Bank Nifty due to the dependence of the Indian economy on crude.
4. Crude traded higher, the market hoping for a pause in the interest rate hikes by the Fed in its meeting next week.
Comment:
❤ & follow?
Comment:
At upper end of channel.