harshit22

Intraday Trade Series #1 - Crude Oil 5th Wave Rally

Long
harshit22 Updated   
MCX:CRUDEOIL1!   Crude Oil Futures
In my previous post, I have discussed the current nature of crude oil as either a correction or an impulse. In either scenario, it is likely that we will witness a bounce towards the 6700 levels. It appears that wave 3 has concluded and we are currently in the 4th wave, which is anticipated to conclude between 6495 and 6415. If we observe any bullish patterns such as a morning star, engulfing, or piercing on the hourly chart in the entry zone marked on chart, we can consider initiating a long trade with a minimum target of 6627. As the 5th wave in commodities tends to be larger and more pronounced, we can attempt to ride the wave by adjusting our stop loss using techniques like swing lows or the Fibonacci 38% levels once it reaches our minimum target. It is crucial to closely monitor the price action and momentum to determine if it aligns with the characteristics of wave 5.

Wave count, Entry, Stoploss, Target are indicated on the chart

Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Comment:
The crude oil price rebounded from our entry area. Let's check if it hits our goal during this uptrend, and if it dips again into our entry area, where we can strategize to secure a secondary position in the trend.

Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Trade closed: target reached:
Crude Oil just reach our tagert. We can now secure our profits at this price. We'll update on the next entry levels.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.