Weekly Triangle Pattern Breakout in Crude

Weekly triangle pattern break out in Crude.
Entry: CMP
Stop Loss: 5658
Target 1: 7884
Target 2: 9635

Positive for: Companies with crude as an output. Examples are ONGC, IOC, RIL, OIL INDIA, BPCL, HPCL, ETC.

Negative for: Companies with crude as an input. Examples are ASIANPAINT, BERGER PAINTS, MRF, APOLLOTYRE, GSFC, TATACHEM, ETC.

More importantly rising crude prices is bad news for economy as inflation is likely to continue to remain elevated. With higher than normal predicted summer temperatures, electricity bill for end users is likely to remain elevated.