Crude traded in a range for past many sessions but finally managed to give a break of its range on 29th March 2019 and since then has continued to trade higher. We have been using Elliott wave combined with various indicators and were successful in capturing the break even before it began.
Below is the chart showing detailed analysis published in our research report –“The Commodity Waves short term Update”
MCX Crude April 60 mins: (Anticipated as on 29th March 2019)
MCX Crude April 60 mins chart: (Happened as on 01st April 2019)
(Below is an extract of research taken from our daily Commodity report)
Anticipated on 29th March 2019 – The daily chart of MCX Crude show that prices are moving in a consolidating manner for many days now. Price can retrace up to 50% of wave (a) towards 4345 levels as it has managed to sustain above the 38.2 % level.
On the hourly chart, Crude is moving up in the form of wave g. Prices are moving sideways since many sessions and a break above the important resistance can take the prices higher. In the short term we can expect movement towards 4250 levels with a stop below 4075 levels.
Happened: Prices finally managed to break above its range and moved exactly as expected achieving the mentioned target of 4250 and has continued its upmove further towards another target of 4345 mentioned above.
Similarly based on above methods we have been giving Intraday calls on Commodity. Following buy was given on 1st April 2019
1st April 2019 – CRUDE FUT BUY ABOVE 4245 SL 4210 TGT1 4260 TGT2 4297.5
1st April 2019 – CRUDE FUT BUY CALL GIVEN TGT 1 ACHIEVED AT 4260
2nd April 2019 – CRUDE FUT BUY CALL GIVEN YESTERDAY TGT 2 ACHIEVED AT 4297.5
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