We have now turned bullish on Crude as prices are making higher high formation indicating an immediate low is in place for now near 3850 levels and upmove can be witnessed in form of wave g of Diametric pattern. When more than one technical analysis points in same direction it just increases your accuracy of capturing the right trend.
Below is the chart showing detail analysis on Crude using channels, Moving average and Elliott Wave theory.
MCX Crude March 60 min chart:( Anticipated as on 13th March 2019)
MCX Crude March 60 min chart: (Happened as on 13th March 2019)
(The following is the gist of research taken from “The Commodity Waves Short Term Update”)
NYMEX Crude has been moving in range from past few trading session with important resistance placed near 58 and break of it on closing basis will provide a good trade set up. However, as long as 58 is intact on upside range-bound movement is expected to continue.
As shown on the hourly chart of MCX Gold, wave g is of Diametric pattern is ongoing on upside. As long as support trendline is intact on downside move towards channel resistance can be expected. Its 50-periods EMA is providing support on downside keeping the tone positive. Prices are testing its resistance place near 4000 levels and break above it on closing basis will provide good buying opportunity with support placed near 3950 levels.
In short, prices of crude can move in range with resistance placed near 4000 levels. It is advisable to maintain proper risk management strategy to capture a move towards 4050 or higher levels. Bang On!
Happened: Prices have moved in line with our expectation taking out the resistance of 4000 on closing basis and making an intraday high near 4070 levels. Even in today’s session prices witnessed a gap up opening and is now moving sideways indicating momentum is building on upside.
To know what will be the next move of Crude and other precious metal you can subscribe to our research report published daily under “The Commodity Waves Short Term Update.”
Learn the above techniques in my upcoming training scheduled on 6th – 7th April 2019 which works across asset class. You can register here.