Crude Near the Peak of Week

Crude Oil Analysis of the Week

Crude Oil is trading at a multi-year high. Due to strong demand and geo-political tension, the price has stretched out. In my opinion, crude is near the peak of the week. From today, the last day of the week, it is likely to make a peak at 93.27, from where a reversal may be seen today and for the next week price should be in a down-trend. Although experts' opinions are that it may hit near 100$. But I don't think so, if they are expecting 100$ then reversal may occur before that. 

I am planning to short crude oil near 93.27 today. The reason for this is very simple as I have expressed in the below chart. since it is trading at 2% approx. today, after a 3-3.5% rally I will plan my trade.

Disclaimer: The author of this post does not have any position in Crude oil futures. Readers are advised to take any position at their own risk; as the commodity is a highly volatile and most liquid commodity. Any loss/profit made on the basis of the above analysis will be unclaimed.