In my view cycle from Mar20 Low is completed with wave I red and now we are into formation of corrective cycle in 5-3-5 pattern ((A)) -((B))-((C)) black. Out of which ((B)) black is either completed as shown in BROWN path or can complete after one more leg up as shown in BLUE path or BLACK path.
In either case we are expecting one more 5 wave down to ((C)) black...
One can go long at current levels or in dips (if any) with stop loss of 5880
for targets of 5990, 6050, 6100, and 6150.
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
I am not responsible for your profits and losses
Brent crude oil has broken the trendline resistance and it looks like primary wave 5 has started, and within wave 5 , wave I and wave II are posiibly been completed and wave III should now unfold at $ 79.40 to $ 80.21, where wave III will be atleast equal to wave I, and on the down, the swing low of $ 70.89 will be now crucial support. one can go long at current...
Crude Oil continuous futures contract on the weekly chart seems to have pulled back from its decade+ old trend line breakout. Breakout happened in Jun'21 and crude bounced back on the trend line. We have seen successful bounce from the trend line support and can expect the price to turn bullish from here on the weekly scale. If so, 76 would be the immediate target...
After an impulsive fall, crude oil is looking weak & vulnerable to break the recent low. One should go short on crude oil on current levels with SL of 74.9 & look for the target of 70.5-70.2 $ area.
levels mentioned in the chart
if u want learn commodity trading.
just start with(just follow) only one commodity.this it better optoin for making money from the commodity market.
