Always after an extended wave which was wave -5 here -it dropped suddenly & took market bulls for a ride- what a roller coaster ride - so, never forget to carry your pills, which can help you in controling your pukish behaviour so I always suggest work on risk management more as compared to trading strategy as It is important to know where you are wrong & you can cut your losses asap .
Moving in wave 4 which can complete in the zone 63-65$ & could be last stretch before it collapse for 26$ & wave-5 within wave-C
Short Term Scenario- Against 47$ as support or putting stops below 47$- once oil starts moving above 50$-we can look for the upside stretch of 63-65$.
Long Term Scenario- Collapse which could turn out to be true in few months or later, but cannot be skipped- kissing the zone 25$ to 30$ shall be minimum distance it travels downside to finish the structure & start a new cycle for 100-115$ zone as the next target zone.
Day Low@22nd March2017 - 47.01$
Got a push exactly above 47$ as per short term trading strategy mentioned above.
Against 47$ or stops below 47$ -we shall for a wave upside. In current Scenario moving above 48.50$ or in the range 47.25-47.75 with stops below 47$ can look for an upside move.
47$ - gave couple of attempts to buy or take long positions
On MCX Crude catches fire - hope it ignites more
Good Morning All!
It was an exciting session yesterday as crudeoil pushed up to a new firstname.lastname@example.org$ & impulsive move was even witnessed in local commodity Indian Exchange- MCX
It has given a tripple bottom of 47$ - Critical zone for us- Holding that if one gets opportunity to buy in the zone 48.25-48.50 zone if we get retracement next shall be an opportunity to buy for next leg upside.
Going below 52.70- Looking to sell with the new update. I will close this idea if 47$ is taken out downside with 53.77$ intact on the upside.
First Oil rallied from 47$ to 53.75$ -13% Jump
Fall below 52.70$ from Head & Shoulder Pattern - Oil returned back -infact below 47$ -indicating about its bearish trend next
Current Oil Picture
Holding the base at 42$ in last 7 months & doing sideways move has stronger possibility of moving closer to 63-65$ as shown in main chart above.
Today is an auspicious day for all Indians as our deity Sun moves into Capricorn - It marks the first day of Sun's transit into the Makara (Capricorn), marking the end of the month with the winter solstice and the start of longer days.
We Indians celebrate this as "Makara Sankrati". So, wishing all of you happy Makara Sankrati from India.
CrudeOil - As expected from 42$ base for 63-65$ Range - it made recent high at 64.77$ which is approx 45-50% jump- An amazing journey so far. Next we are watching for weakness in this zone & expecting final leg downside to 20-25$ range but not confirmed yet. Take care & Have a nice Sunday.
Started getting signs of email@example.com - That could be important top if holds on upside & we will be early in 5th wave downside - Can this be a start of the final collapse
Do support -If you are getting help from the outlook.
We saw impulsive fall from 64-66$ to 58$ lows. Halting just above 58$ - can be looked as next support so we book partial profits & take next sell only below 58$
Last Price@61.39 $
What a short term bounce holding above 58$ as support - Travels to 61.37$
The Fall 66.66 to 58$ is nearly retraced 50% by recent firstname.lastname@example.org -
Can be looked as resistance zone -considering historical highs of 62.58$ on 5th May2015 has a confluence with current levels so we will book profits in short term buy call & shall wait for markets to make its move first.
Further going below 60-75-60.85$ range shall be the 2nd clue that rise from 58$ to 62.50 is all done & we shall look for next leg downside.
Correction continues until it dips below 60.75 -60.85 zone as suggested earlier.
Holding 60.75 - 60.85 which was the 2nd clue that correction from 58 to 62.50$ is done and bouncing from 60.92$ suggest that we could go higher in choppy correction upside for target 63.50-64$
Turns upside exactly from 60.75 as expected for 63.50-64$ Target range
Holding above 62$ or dipping below 62$ & bouncing back above 62$ - we shall look for higher upside 63+ in the zone 63.50-64$
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Im also expecting short term up move.
It would b nice if tradingview come forward with mcx charts — really need it.
currently, I do my analysis on meta trader 4 for mcx crude since data feed for Ninaj trader is very expensive -- let's hope it will available very soon.
Kindly take this feature request to TW