MCX : Crude Oil Futures probable price movement
Updated
First analysis of Crude Oil Futures.
Price has recently reversed from the S-R level and has tested it again. An ascending Triangle pattern is forming and may take few more sessions before forming fully.
If confirmed, then price can move all the way up and end at the level marked by the Red arrow breaking the month old Resistance zone.
For time being, price can move sideways similar to the past few days where it has been moving wildly. However, if price starts testing and reversing from the trend line, then the triangle pattern maybe forming slowly.
Price has recently reversed from the S-R level and has tested it again. An ascending Triangle pattern is forming and may take few more sessions before forming fully.
If confirmed, then price can move all the way up and end at the level marked by the Red arrow breaking the month old Resistance zone.
For time being, price can move sideways similar to the past few days where it has been moving wildly. However, if price starts testing and reversing from the trend line, then the triangle pattern maybe forming slowly.
Trade active
Price hit the resistance and came back took support from the trendline and moved back up to close above the resistance.It can be a possible breakout in the next trading session to complete the Ascending Triangle pattern.
If price reverses back, then it'll take a few more days to complete the Ascending Triangle pattern leading to breakout.
Continue to remain Long as long as price holds above the resistance for the short term.
Trade active
Price has fallen below the trend line. However, there seems to be a support at 4232 - the immediate S-R level below the trend line. If price breaches this level, then the trade is closed.If price reverses now and crosses the trend line, then it may resume the ascending triangle formation.
Continue to remain long as long as price is above 4232
Trade closed manually
The price has moved beyond the point of culmination of trend line and S-R levels. Hence closing the trade.
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.