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)
MCX Crude Dec 60 min chart: (Happened as on 18th December, 2018)
(Below is the gist of research taken from “The Financial Waves Commodity Update” published on 17th Dec, 2018 )
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
To know what will be the next move of Crude subscribe to our daily commodity report. It also covers short term view on GOLD, SILVER and Copper, Register here
We provide Intraday / Positional calls on these commodities along with research reports using these techniques through Whatsapp, SMS. For more details, click here