Crude Oil Price Forecast/Prediction 11th Feb 2016
Crude oil has a good support between 26-27$/bbl and we can expect crude oil to jump towards 35$/bbl again in the next few days. Traders can accumulate Crude Oil around CMP 28.50 Nymex prices and hold for next week targets of above 33.50$/bbl. We do not see any significant downsides in crude oil from now on and as per our analysis of Crude oil price we see crude oil in a overall range of 26/27$/bbl to 48$/bbl. Those who do not trade in crude oil can buy Cairn India at CMP and dips and that will act as a good proxy play. Cairn India we have a short term target of 150+ and post 150 Rs we will review our trade in cairn india.
It must be understood that since 90$/bbl we were bearish in crude oil for targets of 21$/bbl and around a few days back we mentioned to exit shorts in crude oil if any as we now do not see much below 26/27$/bbl so please understand that we are not bullish in crude oil from a longer term perspective we have only changed our view from bearish to sideways. Crude Oil will spend time in this range of 26/27$-48$/bbl as per our analysis.
Good Trading To You!