Sir, I am also trading Crude but based on EOD charts. Have been with some luck able to manage to get ~200 points per month.
I have been following all threads on TJ that are connected with Crude gold and silver. Found your threads most consistent.
Sir, My query is : How do you decide on a TARGET !? How has the figure 6775 been derived?
Is this done with Fibbo levels or something different. Do share if you feel like.
Thanks again for this informative thread.
In my trades based on EOD there are times when I give back large gains by the time I exit or reverse the trade, hence need some level to book partial profits.
Sorry for interrupting the thread but do take out time to guide me. Thanks.
Fundamentals have been connected in calculating the target for the long term. But if the technical shows the sell signal , i will sell. but i will not wait for ultimate target. But target 6775 is just approximate figure.
In winter season, Crude will get more demand due to lowest inventory data which is happening in every winter season.
Crude was trading below 100 $ psychological mark for last month. but it is holding above 100 $ with huge volumes and huge open interest position which shows long term bullishness for this month.
If it breaks 105 $, it will see sidways market for some days. again it will test 108$.
If it tests 108$, automatically crude will hit 6775.
As the INR is stable between 61.50 to 62.50 , no need to calculate INR price now.
Current price is 102.50 .. But we are targeting 108$... 80 % possibility exists fundamentally to achieve 6775