Weekly #CrudeOil chart
The #commodity now has formed a descending triangle
Price now bear 200 DMA
sustaining above 93 , it may rise towards 118 as shown,
below 93, likely to drop towards 58 over the winter (economic slowdown scenario)
#OOTT #Bidenflation #inflation
More from Techno Prince
Bad for equities
#DowJones #Nifty #NASDAQ https://t.co/llt2Mxzg3z
#USA May inflation data came 8.6% yoy vs consensus expectations of 8.3% yoy , Core inflation at 6.0% yoy, vs consensus expectations of 5.9% yoy
— Techno Prince (@Trader_souradep) June 10, 2022
Quite a headache for #Fed
Positive for #Dollar #USD
Negative in general for equities #DowJones #Nasdaq #ES_F #Nifty #BankNifty pic.twitter.com/QnpqY9R8OO
More from Crudeoillongterm
On the last two instances, when #Brent #CrudeOil crossed 90, NIFTY (in Blue - Left scale) underwent Correction both the times. This is the third such instance.
— Piyush Chaudhry (@piyushchaudhry) February 12, 2022
Below 90, NIFTY & Brent have had positive correlation, with 90 acting as an inflection point & causing the Divergence. pic.twitter.com/Q9dj8YFpuV
A quick thread 🧵
Daily TF
With the turn-around in price from the initial harmonic pattern, Consequent LH-LL's in place.
Below $101.56, We might catch sight of $87 followed by $78 https://t.co/nvzolftng6
$USOIL
— Gurleen (@GurleenKaur_19) June 6, 2022
With the inching up of reaction lows, the targets are placed at $125 and $134.
In a different case scenario, Let's not rule out the possibility- If the price continues to sustain above the level of $104, Might see a hit towards the level of $150 as well. #CrudeOil pic.twitter.com/p52TnRkBqC
On the Weekly TF, If the price slips and closes below $92.96, the target would be $70.