First, let's talk about the previous update of crude oil. There, I have drawn the symmetrical triangle bearish pattern on the hourly chart of MCX's crude oil.
I had written for the day traders, "...the last expected stop is at E. So, we may see crude oil at/below 2840 – 2820 level".
THESE TARGETS HAS REACHED.
And for the short-term traders, I had written in bold words, "this symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern. Downward breakout’s targets: 2610 – 2500 – 2460".
Crude oil has touched the first target (2610) by making a low of 2606 level on 29 Oct '20. Now let's come to the point, will crude hit the second & last target or not?
CRUDE OIL DOWNSIDE BREAKOUT ALERT! If crude oil prices break out the 2600 level, we will see 2540 - 2500 - 2460 levels before the weekend.
Please note that don't sell it above the 2600 level.
I have updated significant releases or events that may affect the movement of bullion & the energy sector commodities here: