Crude Oil Price Update 25th Jan 2016
Nymex Crude Oil has shown signs of reversal and it is now important to understand the larger picture in Crude Oil. Regular readers of this website are aware that when Crude Oil was at 90$/BBL we had come out with a target of 21$/BBl. ( Please click here to see our crude oil prediction when crude oil was at 90$/BBl http://www.mallavv.com/share-market-tips/crude-oil-14th-jan-2016.html ) Many of you called me that day when I put out the forecast on the website and told me “Sir there is some typographical error” and even that time we had clearly mentioned that there is no typographical error and we see Crude Oil coming towards 21$/BBl. Now time is nearing the end and on 21st Jan 2016 during live intraday trade we told our clients to cover shorts if they were carrying any shorts. (For chat transcript of our 21st Jan 2016 calls please click here http://www.mallavv.com/share-market-tips/share-market-tips-22nd-jan-2016.html )
Now we see Crude Oil in a overall sideways move between 27-48$/BBl so whenever you get a dip towards 27 you can Buy crude oil and then keep booking profits on higher side. Please note I am not a bull in Crude oil and nor I am a bear. At this juncture crude oil is just going to remain sideways between the ranges mentioned so please keep that in mind and trade if you wish to. If 27$ now breaks for 5 trading days then we will see 21$/bbl although I do not think that is likely as time which is most important of all factors is ending shortly and crude oil at least I do not expect much downside now. There could be some volatility in crude oil prices around 2nd Feb 2016 please be careful around 2nd Feb 2016.
Good Trading To You!