MCX Crude has been trading lower since the mid of April month. The fall has been fast and we have been BANG ON accurate in capturing the downfall from the levels of 4700 just with the help of Elliott wave. Recently we were able to capture short term fall of 80 points just in one day.
Below is the chart with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Crude June 60 min chart: (Anticipated as on 12th June, 2019- Morning 10 am)
MCX Crude June 60 min chart: (Happened as on 12th June, 2019- Afternoon 2:30 pm)
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 12th June, 2019- Morning 10am- On the daily chart we can see that MCX Crude is currently moving in the form of wave (c)(blue) on the downside. In the previous trading session a DOJI was made on the daily chart post a gap down which indicates bearishness in the short term. Immediate resistance is placed at 3760 levels.
On the hourly chart we have shown the internal counts of wave (c) (blue).Currently wave iii of wave (c) is ongoing. We can see wave iii is travelling through the falling channel. A break below 3655 can drag price lower up to 3575-3550 levels.
In short the trend for MCX Crude seems to be negative. A break below 3655 can drag price lower to 3575-3550 levels as far as 3700 remains intact on the upside.
Happened as on 12th June, 2019- Afternoon 2:30 pm- Prices moved just as expected and hit an intraday low near 3572 levels keeping the trend negative.
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