Commodities Crude

WTI Crude target hit: $38

My final target $38 has been triggered for long recommendation on WTI Crude which was given on post “Crude could rally a bit from here” on 18th Feb! We saw tremendous rally on the crude last night around the globe which was one of the biggest intra-day rally of 2016. Technically now crude has surely bottomed out for the longer term horizon and we could see continuation of strong short covering in the commodity in near future. But as on weekly chart we could notice that commodity is trading at resistance line around $38 while next resistance is at $40. So for a safe trade we should avoid taking a call on either side for trading in this range and rather wait for a confirmation. So my advise is to wait and watch until we get some strong move out of this range. 

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