Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (39.82). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USOIL is in a range bound and the beginning of downtrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic...
Price rejecting from $ 40.50 continuously and at the same time price is making higher low which shows the bullishness in this script. Required pressure is building up by squeezing the price and also it is reaching the breaking point. If breaks 40.50 then 41.50 should be the target and the ultimate target for this break should be $ 42.
Silver has moved up as suggested in the earlier post. However the 2nd upward swing from the low seems more like a C wave of a ZigZag than a 3rd wave. Unless there is immediate move above the channel line we are headed lower in the near future.
watch bottom around 1900. target 2400
Midterm forecast: While the price is below the resistance 43.75, beginning of downtrend is expected. We make sure when the support at 37.10 breaks. If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: A peak is formed in daily chart at 41.70 on 09/18/2020, so more losses to support(s) 38.85...
Midterm forecast: While the price is below the resistance 25.65, continuation of downtrend is expected. We make sure when the support at 19.65 breaks. If the resistance at 25.65 is broken, the short-term forecast -continuation of downtrend- will be invalid. Technical analysis: The RSI support #1 at 52 is broken, so the probability of continuation of downtrend...
Dear Gold traders, Gold against Dollar pair, looking bullish at the start of the week, due to weakness of Dollar at the end of last week may continue till mid of the week, it may take the down path after hitting the area around 1900,
Price rejecting from the trend line, If breaks the trend line then it will reject from 41.30, if breaks this level then we can expect long . . .
Gold Respect to its Support Level Chances to go more High Ever.
Every Rise is a Sell Channel marked in Blue..... Resistances in Red..... Support in Green.......... Like .............. Follow.... Share...........
Price swings within the channel beautifully. It looks easy now but catching this pattern and taking trades at the right time will need some good experience in pattern trading.
The sideways action in GOLD is not a Wave 4 triangle as assumed earlier. A Wave 4 triangle should have resulted in a swift move up, this has not been the case. This is turning out to be a Wave B triangle , so a Wave C to the downside is the next expected move.
The daily right side is up against 8/16/2018 low at 1159. The 4 hour right side is up against 1668. While below 1973 where the hourly is turning down Gold can correct the cycle up from the March lows. SELL GOLD @1870-75 TP: 1848-40 SL: 1890 GOOD LUCK
Crude levels...25/09/2020 (1hr Candle)
#MCXCRUDE should head down below recent lows in wave C as part of the correction following the break out from the ending diagonal.