Crude Oil has rallied almost 70-80% in the last year and has finally shown some signs of topping out.
WTI Crude
Its tough to say how co-related short term moves in Oil Marketing Companies – BPCL,HPCL and IOC with Crude Oil Movements but currently the charts seem to be interestingly poised.
- A nice channelled move in Crude in the last few months made a top towards the upper end of the channel.
- Supports at 66 ( trendline) and 63.5 last bottom and trendline.
- A break below above levels would indicate start of a downtrend.
Brent Crude
- The upward trend line has been broken but previous tops and bottoms at 70-71 acting as support.
- A sustaining move below 70-71 would indicate a downtrend.
Indian Oil Corporation
- Double bottom around 150 and a breakout point above 172-175.
- Can it go to 200-220.
Bharat Petroleum Corporation
- Double bottom around 365.
- A breakout point at 410-420.
- Can it do a 10-15% bounce post breakout.
- The stoploss would be around 385 on breakout
HPCL
- A breakout point would be around 300/320.
- A downward channel.
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