MCX Crude has been in limelight due to its volatility. Post making a low near 4600 it witnessed buying making a high near 4780. We have been able to capture such reversals on the basis of Elliott Wave and pattern identification.
We have captured the move from 4650 to 4780 with the help of basic techniques. Below is the research published in our daily report “The Commodity Waves STU”
MCX Crude Aug 60 min chart: anticipated on 3rd August
MCX Crude Aug 60 min chart: happened on 6th August
Anticipated: NYMEX Crude has been moving in a range of 70.50-67 levels. Prices have bounced back from its important support at 67 and we can expect a move towards higher levels of 70.50 levels.
As shown in the hourly chart of MCX Crude, prices are forming Diametric pattern in wave (g). As of now wave f has completed on downside and next leg on upside in form of wave g is ongoing on upside. As long as 4650 is intact on downside move towards 4800 can be expected.
In short, trend for Crude is positive and move towards 4800 can be expected. One can trade as per the levels mentioned above.
Happened: Prices made a high near 4780 and moved precisely as expected it will be interesting to see if it further makes a high near 4800 levels.
The above research shows indepth application of Elliott wave along with indicators like Channels, Moving Averages and Relative Strength Index. Subscribe now to “The Commodity Waves short term update” and get an insight into Gold, Silver, Crude, and Copper with detailed charts and crucial levels to watch. Subscribe here.