Oil- I am still open for 52.50-52.80 Handle in last tranche

26. Aug. 2016

I am still open for last tranche in Oil which will surely play out once it crosses 3rd wave top@49.35..We took a buy in previous update with stop slightly below 46.57( Which was initial leg down from 49.35 high & finally there was a new low @46.40

Surely, Oil should not go below 43.52 (5 ticks below)- crucial support - Any turn Above 43.52 should considered positive till 52$ + Range.

Trading Strategy- Either you take long above 49.35 for the zone 52$ & Above or let Oil fall in the zone 45.50-45.70$ - you see a sign of bullish reversal then take long.

Regards,
Abhishek H.Singh, CMT