Crude Oil has been in limelight due to its sharp rise followed by sharp fall. Such moves are good news for traders as this helps in capturing most of the trend with correct analysis.
Crude has been moving exactly as expected and following the Elliott Wave theory very well. Basic techniques coupled with wave analysis helps us to identify and capture trends. Below is the research published in our research report” The Commodity Waves STU” wherein we were able to capture the trend from 4900 towards 4730 levels.
MCX Crude Jun 60 min chart: (Anticipated as on 24th May 2018)
MCX Crude Jun 60 min chart:( Happened as on 25th May 2018)
The above research about was published on 24th May 2018 in our “The Commodity Waves Short Term update”.
Elliott Wave analysis:
Crude has shown an exponential rise from 4000 levels towards 4975 levels. We can expect some sideways action to digest the violent up move.
As shown in the hourly chart, Crude is moving within its upward slopping blue channel. Prices are currently taking support of its lower trendline. Break below 4850 will confirm that minute wave c has completed on upside and next leg on downside is ongoing. It is advisable to trade cautiously as trend is unclear. If prices break below 4850 level it will infuse selling pressure taking the prices southward towards 4800 or lower levels.
In a nutshell, Crude prices are at crucial juncture. Move below 4850 will infuse selling pressure taking the prices towards 4800 or lower levels.
Crude has moved as we expected and gave a break below 4850 levels and moved towards lower level making a low near 4730 levels. it is interesting to see how Crude managed to give a move of 100 points in just 1 day.
The above research clearly shows how one can capitalize the study of Elliott wave and ride the ongoing trend. If you wish to earn good subscribe our Intraday Commodity Call here are few calls which we generated in past few days.
CRUDE FUT SELL BELOW 4880 SL 4910 TGT1 4868 TGT2 4835- TARGET 2 ACHIEVED
CRUDE FUT SELL BELOW 4825 SL 4855 TGT1 4813 TGT2 4780- TARGET 2 ACHIEVED