CONTINUE: When MCX Crudeoil touch 4000 levels? - Part II
According to the 4H chart of MCX crude oil, it's sharply moving upward. It's safe for intraday & short-term traders to take a position nearby the support trendline or 50 MA for the targets of 3600 - 3660 - 3700 - 3800 .
But what if it breaks the support trendline? DMI is indicating collapse ahead. I...
According to this chart, crude oil will keep moving forward and hit the following targets: 3600 - 4000 - 4400 - 4800 .
Here value 1 of retracement will react as support. And consecutive breakout of this support is a direct sign of a downtrend. It can be up to 0.886 (2982) to 0.786 (2735). You can use it as a target.
First, let's talk about the previous update of crude oil. There, I have drawn the symmetrical triangle bearish pattern on the hourly chart of MCX's crude oil.
I had written for the day traders, " ...the last expected stop is at E. So, we may see crude oil...
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...
While the price is below the resistance 43.60, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the...
Crude Oil is left with some more beating
Trade Plan 1
Short sell for immediate target of $21.76
Continuing its downward move which should conclude near $21.76 if EOW ((C))
Trade Plan 2(will be active only after trade plan 1 reached target)
Short sell for deeper target of $9.83
EOW 3 of Y around same level of $9.83 of cycle wave
We can see sharp...