MCX Crude: Perfect Channeling Technique

MCX Crude: Perfect Channeling Technique

By Waves Strategy Advisors (www.wavesstrategy.com)

MCX Crude is moving perfectly in a channel by forming higher highs and higher lows. Channel technique is a simplest way of technical analysis and one can trade in the trend very well. Below is 60 mins chart of MCX Crude.

MCX Crude 60 mins chart (January Contract)

Wave Analysis:

As shown above in 60 mins chart of MCX Crude, in the previous trading session prices failed to cross the high of 5170 levels and pullback on downside and arrived near the trendline support.

Momentum indicator RSI alleviated the overbought position and came near the support level of 30. This is positive sign for this commodity. 5100/5090 will continue to act as a strong support.

Prices have also come near the support of the channel. RSI along with channel gives high probable trade setups. A blue candle formation should provide positive confirmation and one can trade simply using Channel, RSI and a positive bar!

In short, as long as prices move within the channel our favored view is positive.

To  know what we expect for other commodities like Gold, Silver  & Copper  write to us  at helpdesk@wavesstrategy.com or visit www.wavesstrategy.com call us on +91 9920422202