Crude has been in limelight after witnessing a fall from the highs of
5600 levels making a low near 3500 levels.
Technical indicators coupled with Elliott Wave technique worked amazingly
well to capture the entire down leg. Below is the chart of MCX Crude showing
how we were able to capture a move of almost 150 points.
MCX Crude Dec
60 min chart: (Anticipated as on 17th December, 2018)
Wave analysis:
As shown on hourly chart, post making a high in form of wave a prices are
moving in a range with 3850 as resistance on upside and 3650 as support on
downside. We are using Bollinger bands and it has been working amazingly well
as prices have reversed from either side of the bands. Only break of the levels
mentioned above will provide a clear direction on either side.
In short, trend for Crude is range bound. Break above 3850 can take the prices towards 3950 levels whereas break
below 3650 can take the prices towards 3500 levels!!!
Happened: MCX Crude seems to be under bears
hold as prices witnessed a steep selling which we expected and mentioned in
previous update. Prices gave a break below its lower Bollinger bands at 3650
and made a low near 3480 levels.
Following are the calls given on intraday basis to our existing Intraday
clients:
17/11/2018 CRUDE FUT SELL
BELOW 3664 SL 3699 TGT1 3649 TGT2 3611 - TARGET 2 ACHIEVED
13/11/2018 GOLD FUT SELL
BELOW 31600 SL 31670 TGT1 31570 TGT2 31495- TARGET 2 ACHIEVED
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