Crude has been moving upward from the lows of 2800 and still ongoing. We have been using simple techniques likes bar technique and channeling along with advanced concepts of Neo wave – Elliott wave to catch the swings in either direction.
Below is the research which we published today in the morning in our report ‘The Commodity Waves STU’.
MCX Crude daily chart:
Wave analysis:
NYMEX Crude has managed to protect its low of 67 and move towards higher levels so as long as its pivot low of 67 is intact on downside bias remains positive and eventually a move towards 69 can be expected.
Diametric pattern – Daily chart shows amazing pattern from Advanced Elliott wave. Prices have completed wave (f) of Diametric at the low and now wave (g) on upside should start again. The internal structure and pattern is shown in morning daily research report.
As shown in hourly chart of MCX Crude, prices have broken its downward slopping red channel. Wave a has completed on upside near 4780 levels and we can expect a sideways to negative action in form of wave b. Break above ………. will drive the trend towards higher levels of ………… or higher levels.
In short, trend for crude ……………
Based on the above research we generated the calls given below:
16/07/2018-CRUDE FUT SELL BELOW 4816 SL 4846 TGT1 4804 TGT2 4771- Achieved Target1 & Target 2
17/07/2018-CRUDE FUT SELL BELOW 4620 SL 4650 TGT1 4608 TGT2 4575- Achieved Target1
The above research shows in depth application of Elliott wave along with indicators like Channels, Moving Averages and Relative Strength Index. Subscribe now to “The Commodity Waves short term update” and get an insight into Gold, Silver, Crude, Copper with detailed charts and crucial levels to watch. – Get access here
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