MCX Crudeoil has been moving sideways but creating higher lows - this is an ascending triangle pattern that should now give a 1:2 Risk Reward ration - not the best R:R , but a good pattern to trade
Look for price to rally upclose to 3000 if it stays above 2900
1. Prices are moving in between a resistance level and an inclined trend line
2. A wedge that needs a breakout
3. There was a bearish divergence in the daily chart and today could be a retest
4. for strong down move it needs to break the trend line
5. For a strong up move, it needs to break the resistance line
Stay safe, trade with proper risk management.
- Self explanatory & Annotated Chart
- Key Levels are Marked
- Enter at BO level @ 1340
- Exit at Target level @ 1445 , approx 7-8% upside
- Time Frame is few Days
- Stop Loss level for Risk as per your choice also mentioned
- High probability setup based on AVWAP Study + Multi Time Frame + Pattern + RSI
- Stock is Bullish on all time frames for a Mean Reversion...
Lets look at the analysis --->
1> EW ANALYSIS :-
Assuming this trend from 1490.9 level in corrective phase, we will assume impulse wave completed at 830.1, after that it slightly got complicated, still we will keep prefer count as B as flat, now we might be in wave c of B.
2> Classical TA :-
a. the downtrend channel has given a breakout
b. formed a minor...
Good consolidation seen on 4 Hourly Chart of Gold. Biased seem to be Bullish. Will have to wait till breakout before initiating another long trade. If we do see breakout, the price might head till 1315 levels. Right now Patience is the key.