I am following up on my previous post on Crude
oil written on 8th March 2016 in which I mentioned that, “If we look at the price of crude today, I think it had
bottom out and the crude is forming an inverse head and shoulder pattern and
signals a reversal. If Crude breaks above 40$ we could see 50$ and beyond very
soon.”
Today crude oil made high of
49.91 and my target is achieved. I think
the current rally in crude is almost over. Crude will face stiff resistance at
50 level, what happens next is not very clear now but we are sure to see some
correction in crude prices going forward.
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