Crude Oil Technical Analysis | MCX | June 12th - 13th
Crude Oil Technical Analysis: Potential Bullish Breakout
Oil prices are rising on news of lower-than-expected US crude oil inventories and a bullish outlook for global oil demand.
Technical Analysis:
A potential bullish breakout is forming above 6570.
Trading Strategy
Entry: Long above $6570 with sustained move (>50-60 points) to confirm the breakout.
Targets:
T1: 6680 (1st profit target, +100 points from entry)
T2: 6767 (2nd profit target, +200 points from entry)
Stop-Loss: Below 6510 (placement below potential support level)
Risk Management:
Always remember to practice proper risk management. This strategy suggests a stop-loss placement 50-60 points below the entry point, limiting potential losses if the price reverses.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult with a licensed financial professional before making any trading decisions.
Oil prices are rising on news of lower-than-expected US crude oil inventories and a bullish outlook for global oil demand.
Technical Analysis:
A potential bullish breakout is forming above 6570.
Trading Strategy
Entry: Long above $6570 with sustained move (>50-60 points) to confirm the breakout.
Targets:
T1: 6680 (1st profit target, +100 points from entry)
T2: 6767 (2nd profit target, +200 points from entry)
Stop-Loss: Below 6510 (placement below potential support level)
Risk Management:
Always remember to practice proper risk management. This strategy suggests a stop-loss placement 50-60 points below the entry point, limiting potential losses if the price reverses.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult with a licensed financial professional before making any trading decisions.