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Crude Oil Prices can say Goodbye to US$ 100

Sep 26, 2022

On 17 August 2022, I released a video in which I said Goodbye US$100 Crude Oil. I also highlighted that a commodity crash is likely.

When I recorded the video, crude oil prices were trading around the US$ 88-89 and were attempting to head higher. However, they failed to cross above the psychological mark of US$ 100.

The Breakdown

Crude oil prices have now breached the first support of US$ 83. They are heading for the major breakdown of US$ 75.

Crude Oil Price Chart

 

Technically, the triangle breakout (red in the above chart) at US$ 85 can trigger bullish momentum towards US$ 129.

The level at the lower end of the triangle and the previous swing high (black horizontal line) is placed at US$76. This marks a do-or-die technical structure for the bulls.

A close below US$ 75 could mean the medium-term top is in place and we can forget about the US$ 100 price for the rest of 2022.

The southwards momentum may continue towards US$ 65 (and even US$ 50) levels in the coming months.

Equity investors should explore stocks benefitting from falling crude oil prices. A collapse in crude prices will also have major impact on India.

Without signs of a big demand recovery, it's important for you to know the after effects of falling crude prices and how it impacts India.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setups, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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