While the price is below the resistance 46.50, resumption of downtrend is expected.
We make sure when the support at 38.90 breaks.
If the resistance at 46.50 is broken, the short-term forecast -resumption of downtrend- will be invalid.
A trough is formed in daily chart at 38.90 on 10/02/2020, so more gains to resistance(s)...
FOR THE DAY TRADERS:
MCX Crude oil has made a symmetrical triangle pattern, and that indicates a bearish continuation. At present, its price is moving inside the triangle pattern. That's a consolidation area. The prices will keep playing sideways here.
Intraday traders can sell or buy based on control price. The last expected stop is at E. So, we may see crude...
The upward to sideways moves over the last few weeks seem to have ended with wave Y. If prices trade below 3005, below the diagonal triangle we should be set for a large downmove. This could be a move larger than the one that started in Sep and lead to 2600 levels. Will track as it progresses
Crudeoil in USD has the same pattern and should be headed the same way
Crude is forming a Inverse Head and shoulder - Waiting for the confirmation on Brakeout.
Just for educational Purpose.
-This Analysis Is Done Only For Educational Purpose, Never Invest Or Trade based on this. I have all the rights to be wrong on my views :)