Waves Strategy Advisors
  • About Us
  • Services
    • Equity Research Report
    • Nifty Trading Research Report
    • Multibagger Stocks
    • Momentum stocks
    • Commodity Research Report
    • Currency Research Report
    • Intraday / Positional Advisory
    • Monthly research report
    • Global Market Forecasting
    • Mutual Fund Research Report
    • Outsourcing Research Solutions
    • Trading and Portfolio Advisory
    • Educational Services
    • Chat Assistance
  • Free Articles
    • Stocks
    • Commodity: Energy & Base metals
    • Global Strategy
    • Currencies
    • Precious metals: Gold & Silver
    • Trading Lessons & education
  • Most Advanced Training
  • Trader’s Forum
  • Pricing Plans
  • Education
  • Press Room
    • Press Release
    • Media Coverage
    • Elliott Wave Channel
  • Contact Us
  • Quick Payment

  • Subscribe

  • Events

  • Free Member Login

  • Client Login

Waves Strategy Advisors
  • Call Us On.....91 9920422202
  • Or simply...Enquire
  • Connect with us...
  • About Us
  • Services
    • Equity Research Report
    • Nifty Trading Research Report
    • Multibagger Stocks
    • Momentum stocks
    • Commodity Research Report
    • Currency Research Report
    • Intraday / Positional Advisory
    • Monthly research report
    • Global Market Forecasting
    • Mutual Fund Research Report
    • Outsourcing Research Solutions
    • Trading and Portfolio Advisory
    • Educational Services
    • Chat Assistance
  • Free Articles
    • Stocks
    • Commodity: Energy & Base metals
    • Global Strategy
    • Currencies
    • Precious metals: Gold & Silver
    • Trading Lessons & education
  • Most Advanced Training
  • Trader’s Forum
  • Pricing Plans
  • Education
  • Press Room
    • Press Release
    • Media Coverage
    • Elliott Wave Channel
  • Contact Us

MCX Crude: How to catch a reversal?

  • Waves Strategy Advisors
  • FAQ's
  • MCX Crude: How to catch a reversal?
29Nov 2016AKFAQ's
Shares

In the end of June 2014 amid Iraq issue we witnessed MCX Crude topped out near 6500 levels and made a low of 5970 recently.

 This is one of best example where the phrase fits superbly that “Buy on rumors and sell on news.” This is the part of the game but price charts reflects everything. In the entire trend from 6500 to 5970 not a single bar gave close above prior bars highs and trend continued on downside. This bar technique is very simple but important from trading perspective. We are also applying Elliott wave theory to forecast the prices which suggested that Crude prices are very matured stage of down move when prices were trading at 6000 and accordingly we published the research in our “The Commodity Waves Short Term Update” for our paid clients. 

Below write up we have taken from The Commodity Waves Short Term Update dated 17th July 2014suggesting our positive bias.

“For WTI Crude, in the last trading session prices showed some relief sign, moved higher and closed on positive note. For the first time prices have given close above prior bars high and made bullish bar. This suggests that trend is probably in reversal mode. Now, one should be very careful and today’s follow up action will provide further confirmation that whether trend is changing or not. Now, on downside price action near 100 level is very important and protection of this level on closing basis is important to catch a reversal from here on. On upside break above 102 level will provide positive confirmation.

 As shown in 60 mins chart of MCX Crude, in the last trading session prices opened with gap up, throughout the day prices sustained above the gap and closed on positive note. Currently prices are intact in downward moving channel and prices have given close exactly near the channel resistance. But looking at the structure of the WTI Crude, there is a higher probability that downside correction has completed in form of triple correction pattern (a-b-c-x-a-b-c-x-a-b-c). However, positive price confirmation is important which we will get when prices breaks above 6120 level where channel is placed and on downside price action near 6000 becomes very important to decide the trend.

Crude 60 mins Continuous chart:
crude-20140721

Happened  Crude 60 mins Continuous chart:
crude-hap20140721

Trading Strategy on 17th July 2014: In short, prices are trading at crucial level where break above 6120 level will take prices towards 6160/6180.” 

Happened on same day: As expected after breaking above 6120 levels, prices did not look back and achieved our mentioned levels. 

Trading Strategy on 18th July 2014: “trend is positive with the support of 6130. On upside price can move towards 6250 levels.” 

Happened: prices touched the high of 6264 and currently retracing on downside, so what should be the trading strategy from here on ?

So, over short term where prices are headed? To know the answer, Subscribe to “The Commodity Waves Short Term Update” which includes MCX Gold, MCX Silver, Copper and Crude with important levels. For more information visit Pricing page. 

Shares
  • Read Prev
    Copper: How to trade commodity using Elliott wave?
  • Read Next
    How to trade Base Metals post the sharp selloff?
  • Stocks
  • Commodity: Energy & Base metals
  • Global Strategy
  • Currencies
  • Precious metals: Gold & Silver
  • Trading Lessons & education

Free Newsletters

Free Registration
- Free Insights on Investing & Trading in Equity, Commodity & Currency markets
- Free periodic newsletters to learn Trading using Elliott wave
- Receive announcements for offers on various products & services


Recent Posts

  • Ichimoku Cloud and Bollinger Bands® on Nifty
  • DJIA: Where will it head?
  • Positional Stocks To Trade Post RBI Policy!

Archives

Connect With Us

+91 22 28831358 / +91 9920422202
helpdesk@wavesstrategy.com
204, Triumph Industrial Estate
Dindoshi Pada
Goregaon East,
Mumbai 400063
SEBI "Research Analyst" No: INH000001097

Quick Links

  • About Us
  • Services
  • Free Articles
  • Trader's Forum
  • Pricing Plans
  • Education
  • Press Room
  • Media Coverage
  • Elliott Wave Channel
  • Events
  • Faq's
  • Testimonials
  • Contact Us

Recent Tweets

2019 Copyright © Waves Strategy Advisors All rights reserved.

Career | Terms & Conditions | Privacy Policy | Disclaimer | Site Map

 
 
Forgot Password
Please enter your email address or username below.
*
Username
Username can not be left blank.
Please enter valid data.
Submit
 
Client Login
*
Username
Username can not be left blank.
Please enter valid data.
*
Password
Password can not be left blank.
Please enter valid data.
Please enter at least 1 characters.
LOGIN
Forgot Password
Do not have an account? SIGNUP