In MCX Crude we identified that a diametric pattern was in place and the next leg of the diametric pattern was to unfold on the upside. Also we made use of basic technical analysis where we were able to identify the breakout level.
The diametric pattern is a very common pattern that we observe more often on the charts. A Diametric is a seven-legged corrective pattern and is labeled as A-B-C-D-E-F-G. Important characteristic of a diametric pattern is that wave E tends towards equality with wave C in terms of price and/or time, wave F tends towards equality with wave B and wave G tends towards equality with wave A.
Below is the chart of MCX Crude with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Crude Nov 60 min chart: (Anticipated as on 5th November – Morning 10 am)
MCX Crude Nov 60 min chart: (Happened as on 05th November – Night 10pm)
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 05th November 2019(Morning): MCX Crude in the previous session formed a bullish engulfing candle pattern which indicates that a short term bullish reversal is possible. As per the wave theory we are currently moving in wave iv (red) of the intermediate degree which seem to be forming Diametric pattern where in each leg moves in corrective manner.
On the shorter time frame prices are precisely moving within the blue channel. As per wave perspective wave g of the pattern seems to be unfolding on upside. Closest resistance can be seen near 3957 and a break above it can take it higher towards upper end of the channel.
In a nut shell the trend for MCX Crude for the short term is sideways to positive. A break below the 3957 can take price higher towards 4000 levels or higher levels while support near 3905 levels stays intact on downside.
Happened as on 05th November 2019 (night): Prices moved just as expected and made an intraday high near 4064 levels which also coincides with upper trendline of the channel.
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Following was the call given on Crude:
05/11/2019 10.49 AM – CRUDE FUT BUY ABOVE 3958 SL 3923 TGT1 3973 TGT2 4010.5
05/11/2019 2.23 PM – CRUDE FUT BUY CALL GIVEN TGT 1 ACHIEVED AT 3973
05/11/2019 4.04 PM- CRUDE FUT BUY CALL GIVEN TGT 2 ACHIEVED AT 4010.3
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