International prices of crude oil BRENT are in an uptrend,and barring a short-term correction, seem all poised for a further move upward.
Indian consumers are feeling the heat with the oil marketingcompanies raising the price of fuel. The price has been increased from lastfive consecutive days.
In Mumbai, the price is now Rs 95/- per litre, and as thetrend seems, history will be created amidst us when the fuel begins to sale forRs 100 per litre.
A specific technical analysis of BRENT crude oil futures wasperformed yesterday, and the same is being done for the situation at the timeof writing.
This author’s analysis is good news for the producers of theoil but bad news for the consumers.
The crude oil futures has made a White Marubozu candle. Thiscandle is a long green candle with little or no shadows. This candle is madewhen the price opens near the low of the day high-low range and the buyers keepon bidding price up in their action of buying (or going long) whatever item isbeing analysed.
Thus, for the Indian consumers, the outlook is going frombad to worse. We, the consumers of petrol and diesel better prepare ourselvesmentally and financially for the coming non-stop price rise.