Trading crude oil was never been easy,neither it is today.Crude oil traders need to be smart enough to beat smart money.A research based analysis is very important to understand dynamics of crude oil and to get a profitable result from trading oil.
So let’s do some analysis of crude oil.
Crude is on upward trajectory.Iran,Venezuela and collapsing shell production igniting crude to edge higher.For a trader perspective price is very important and analysis of price with time is an important tool to understand future of price.
Let’s do analysis of price,
On 4hr time frame if we watch MCX as well as NYMEX charts,its clearly visible that price is heading towards 4300-4400 zone in MCX and in NYMEX towards 62.50$-64.00$.Much action has already been done and now crude oil price is about to take a pause before next move.
In MCX base is now 4220 (as per chart) and in NYMEX 60.50$ (ref chart).
Overall fundamentals and price analysis are bullish for crude oil and we may witness much higher price in coming session.