crude oil (mcx) new udate
Updated
price got rejected from dotted ascending trend line
previously we have decide to go long on crude as there was good setup as per smc
but price didnt came to our buying limits
and a sudden gap down creates a panic and price got sold out
now price has breached first higher time frame demand
and halting at non mitigated level which is another higher time frame demand
follow the price structure by lower high and lower lows
6460 and rd fig 6400 is a support last defence line for buyer will be 6300
previously we have decide to go long on crude as there was good setup as per smc
but price didnt came to our buying limits
and a sudden gap down creates a panic and price got sold out
now price has breached first higher time frame demand
and halting at non mitigated level which is another higher time frame demand
follow the price structure by lower high and lower lows
6460 and rd fig 6400 is a support last defence line for buyer will be 6300
Note
price formed W or double bottom on our support price need to goes pass 6685
to shift the trend to bullish
Note
crude is in side ways phase for lower time frame you buy on lows and sell on highs and the range for it Buy at 6400-6450 and sell 6700-6600
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