CrudeOil has made a sharp fall and now we are seeing indications of consolidation and a possibility of a bounce can't be denied. Its safe to close all the short position at CMP (50+)
Above 56 conservative traders can take long position for a target towards 63-66.30 zone Aggressive traders can take long position above 53.30
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However the major trend is down and this bounce is to be seen as a pull back and NOT trend reversal.
The long term target for crude oil is $35-$26 (conservative targets. Expecting much lower levels)
This crude oil analysis is in line with my previous analysis posted on Sep 11
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Gap up open and a solid bounce! Aggressive traders can take long position above 53.30
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Megaphone pattern breakout. WE can expect a good retracement.