CRUDE BREAKOUT - MCX - JUNE 24
Technical Pattern Analysis
Pattern: Potential Bullish Breakout from trendline
Timeframe: 1 Hour
Analysis:
Crude oil is showing signs of a potential bullish breakout. A sustained move above 6500 level could signal a bullish trend, with initial targets at 6600-6700. Positive sentiment is supported by a decline in crude inventories and supply disruptions due to wildfires in Canada.
Note: This is a short-term analysis based on the given information. It's essential to consider broader market conditions, fundamental factors, and other technical indicators for a comprehensive outlook.
Potential Trading Strategy:
Buy: Above 6500 with a stop-loss below 6490.
Target: 6600-6700
IF YOU LIKE MY ANALYSIS DO LET ME KNOW :)
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk.
Pattern: Potential Bullish Breakout from trendline
Timeframe: 1 Hour
Analysis:
Crude oil is showing signs of a potential bullish breakout. A sustained move above 6500 level could signal a bullish trend, with initial targets at 6600-6700. Positive sentiment is supported by a decline in crude inventories and supply disruptions due to wildfires in Canada.
Note: This is a short-term analysis based on the given information. It's essential to consider broader market conditions, fundamental factors, and other technical indicators for a comprehensive outlook.
Potential Trading Strategy:
Buy: Above 6500 with a stop-loss below 6490.
Target: 6600-6700
IF YOU LIKE MY ANALYSIS DO LET ME KNOW :)
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk.
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