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R:R is 1:10++
MCX Crude Oil For Indian Commodity Market.
So be Caution On long buildup in Crude Oil.
The Energy sector is weakening.
Further news of Imports which may hit the bottom line.
Already the picture is bleak as the average Asian gasoline profit margin this year as of Sept was $4.12 a barrel, down nearly 45% of its value when compared to the same period in 2018.
Trade Execution :
The 230 PE for Sep 26 expiry is trading at 1.60 odd & Cash Price is at...
Gold ETF can be used to see the trend of Gold. The way jump from sub 140 level to significantly higher than 140 at 143 has taken place in early August, we have signs of the overall sentiment as strongly bullish. With RSI hovering around 60 in past 2 months, it is evident a strong uptrend is present. At the moment, we can see the strength declining and we can...
1. we got an H&S and it's brokeout too
2. a pennant that looks like it broke out too.
3. there's a double top
4. there's a 50% fib level retracement
5. overall retail market views is bearish.
price 51.73 and 60.70 is an either side negotiable deal.
conclusion: views is bearish technical is bullish. waiting for a strong breakout to either side so...
On technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
Silver is giving a good run up after breakout in July 2019 & is expected to continue this bullish trend in long term but a throwback cannot be ruled out in short term as both RSI & Stochastic are in overbought zone & can turn bearish soon as can be seen in the chart. On the upside $18.21 can act as an immediate resistance followed by $18.64 & $18.99. Thus, for...