Crude Oil (INR) - WTI Update for Nov 2015

Crude Oil (INR) – WTI – Update for November 2015

Since my last post on Crude Oil – WTI, NDF traded on MCX, India, Crude Oil remained range bound yet quite fluctuative within the range. In the last few sessions of October 2015, Crude Oil showed remarkable recovery and formed yet another reversal candlestick pattern, indicating a probable sideways to upwards movement.

Adapted Bollinger Bands also indicate convergence into formation of a squeeze in the near future. The other technical parameters at the time of completion of squeeze will indicate continuation of the trend or reversal of the trend.

As of now there is no indication of Crude Oil falling below the lows formed during the last month, i.e. Rs.2792.

Baker Hughes U.S. Rig Count reduction to 578 from previously reported 594 will probably keep the rates stable.

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These extracts from my trading books are for educational purposes only. Any advice contained therein is provided for the general information of readers and does not have regard to any particular person's investment objectives, financial situation or needs and must not be construed as advice to buy, sell, hold or otherwise deal with any commodities, currencies, securities or other investments. Accordingly, no reader should act on the basis of any information contained therein without first having consulted a suitably qualified financial advisor.