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 marketing companies raising the price of fuel. The price has been increased from last five consecutive days.
In Mumbai, the price is now Rs 95/- per litre, and as the trend seems, history will be created amidst us when the fuel begins to sale for Rs 100 per litre.
A specific technical analysis of BRENT crude oil futures was performed yesterday, and the same is being done for the situation at the time of writing.
This author’s analysis is good news for the producers of the oil but bad news for the consumers.
The crude oil futures has made a White Marubozu candle. This candle is a long green candle with little or no shadows. This candle is made when the price opens near the low of the day high-low range and the buyers keep on bidding price up in their action of buying (or going long) whatever item is being analysed.
Thus, for the Indian consumers, the outlook is going from bad to worse. We, the consumers of petrol and diesel better prepare ourselves mentally and financially for the coming non-stop price rise.