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Technical Analysis and Price Projections for MCX ZincExamining the daily chart of MCX Zinc utilizing Fibonacci retracement, notable developments are observed. In May 2023, Zinc breached the 61.8% retracement level but did not test the subsequent level at 78.6% . Instead, it retraced back to the 61.8% level. The pivotal level of 228 suggests that the downtrend in Zinc may have concluded. This level holds significance as it could propel Zinc upwards, targeting levels of 236 , 242 , and potentially 257.6 . According to the principles of Fibonacci retracement, a weak trend reversal signal is indicative of a weak trend. Therefore, if Zinc breaches the red trendline, a potential downside with target prices of 212 , 206 , and 200 could be anticipated. Caution is advised between the 61.8% retracement level and the trendline.
MCX:ZINC1!
by freestocktips
Is Crude Oil forming wave (5) of its wave cycle?Is MCX crude oil downtrend a trap? According to the Elliott Wave analysis on the crude oil daily chart, it has completed wave (4) and trying to move out from the Parallel channel’s (PC) control line (CL). If that successfully remains above CL, crude oil prices will hike from CL to the resistance line of the PC. That’s a direct call for target levels of 7800 – 8000 – 8360 – 8880+ for short-term investors. Long-term investors must focus on the wave (5). Black gold will touch the level of 10000 and march for the level of 11000 on the 5th wave completion.
MCX:CRUDEOIL1!Long
by freestocktips
2020's Uptrend Channel Is Everything For MCX NickelMCX Nickel is following the above uptrend channel from 23 Jan 2020. And making a good trade opportunity for commodity traders. Nickel's upward trend is not over yet. But we may see a downfall below the control price, and it can be up to 1686 - 1620 . But what happens if it breaks the control price? It's a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle's fakeout. Afterward, be ready for the targets of 1800 - 1840 - 1876+ .
MCX:NICKEL1!
by forextidings
MCX Gold's Bullish Mode ActivatedDid you read the 26 Jan 2021 article on Gold? Article: Don't Get Yourself Into a Bull Trap With MCX Gold Wherein I have highlighted a strong resistance (SR) which is 49280 . It has broken down on 14 Feb 2022. That indicates the MCX gold uptrend is unfolding here. If it consecutively remains above the SR, we will see the gold price above 51160 - 51740 . The following indicators have been indicating impending advance: ADX, DMI, and MA Watch significant releases or events that may affect the movement of gold, silver, and crude oil. Tuesday, Feb 22, 2022 19:30 S&P/CS HPI Composite - 20 n.s.a. (YoY) (Dec) - Medium Impact 20:15 Manufacturing, Markit Composite, & Services PMI (Feb) - Medium Impact 20:30 CB Consumer Confidence (Feb) - High Impact Thursday, Feb 24, 2022 03:00 API Weekly Crude Oil Stock - Medium Impact 19:00 GDP (QoQ) (Q4), and Initial Jobless Claims - High Impact 21:00 Natural Gas Storage - Low Impact 21:30 Crude Oil Inventories - High Impact 22:30 FOMC Member Mester Speaks - Medium Impact
MCX:GOLD1!Long
by forextidings
MCX Gold Price Limited Downside, Big UpsideMCX gold has started falling since 1st June, and it's moving under a parallel channel. But this time, it can break out this channel. Why? I will explain it through Elliott wave projection in the next update. In the last trading session, it made a Doji candlestick. And that's a sign of trend change. If gold does not break the crucial level, then it can drop up to 0.382 to 0.236 . In simple words, short-term targets: 46200 - 45960 - 45765 And for long-term traders: 45600 - 45060 But, the uptrend isn't far away. If gold does breakout of 46860 level, then we may see 47276 - 47600 - 47960+ . Don't get confused! You have to watch out the level 46860 for an uptrend, and the closing price below the Doji candle indicated a bearish trend signal. This week we may see higher fluctuations due to upcoming economic events. Watch the following significant releases or events that may affect the movement of gold, silver, crude oil, & natural gas: Monday, Oct 04, 2021 15:30 OPEC Meeting - Medium Impact Tuesday, Oct 05, 2021 19:30 ISM Non-Manufacturing PMI (Sep) - High Impact Wednesday, Oct 06, 2021 02:00 API Weekly Crude Oil Stock - Medium Impact 17:45 ADP Nonfarm Employment Change (Sep) - High Impact 18:30 FOMC Member Bostic Speaks - Medium Impact 20:00 Crude Oil Inventories - High Impact 21:00 FOMC Member Bostic Speaks - Medium Impact Thursday, Oct 07, 2021 18:00 Initial Jobless Claims - High Impact 20:00 Natural Gas Storage - Low Impact Friday, Oct 08, 2021 18:00 Nonfarm Payrolls & Unemployment Rate - High Impact
MCX:GOLD1!
by freestocktips
1
Will Crude Oil Hit 5400 Next Weekend?Crude oil has started moving forward since May. It will not stop here. It's just a WXY correction. According to Elliott's wave theory, it has completed the sub-wave under the 4th wave. It's consolidation time. Crude oil prices may fluctuate between the range of 4000 - 5400 . Hence, long-term investors can keep buying crude oil. So, what about short-term investors and intraday traders? If you look into 4 hours chart, it seems bullish from here. Crude oil is trying to break the resistance trendline. Whenever that the resistance trendline break, then we may see the prices at 5300 - 5400+ . Kindly note, if crude oil remains below to resistance trendline, then do not buy. What happens if it does not break the resistance trendline? I will update my next MCX crude oil report.
MCX:CRUDEOIL1!Long
by freestocktips
3
Weekly Outlook of MCX GoldIn June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month. You can read the previous articles of Gold to catch the next move. This week gold may remain downside until it breaks the levels of 48520 . It can be up to 47580 - 47200 . But, once it crossover the 48520 levels, then it will become unstoppable again. And we will see 49000 - 49500+ levels soon. Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas: Wednesday, Jul 21, 2021 02:00 API Weekly Crude Oil Stock - Medium Impact 20:00 Crude Oil Inventories - High Impact 20:00 Cushing Crude Oil Inventories - Medium Impact Thursday, Jul 22, 2021 20:00 Natural Gas Storage - Low Impact
MCX:GOLD1!Short
by freestocktips
15
Outlook: MCX Gold downtrend stopped at 46720Key Levels: 46720, 46250. The corrective nature of the latest rebound suggests the Gold decline will continue. A break of hurdle will raise the possibility of the impulsive decline from near 46720 . A strong selling signal will come after a breakout of 46250 levels. So, intraday (day) traders can start selling between hurdle and breakout levels for the target of 46000 - 45460 - 44900 below. But according to the current situation, gold is trying to recover the loss from the last 2 weeks' events. It's not sellable until following the above scenario. We can see the gold prices at 48000 - 49000+ in the upcoming days. Watch significant releases or events that may affect the movement of gold, silver & crude oil. Monday, Jun 28, 2021 11:00 - Gold Index Tuesday, Jun 29, 2021 19:30 - CB Consumer Confidence (Jun) Wednesday, Jun 30, 2021 2:00 - API Weekly Crude Oil Stock 17:45 - ADP Nonfarm Employment Change (Jun) 19:30 - Pending Home Sales (MoM) (May)
MCX:GOLD1!
by freestocktips
9
MCX Natural Gas Head and Shoulders Trading SetupMCX Natural gas has made head and shoulders patterns on the weekly timeframe. And the two shoulders are overlapping. Sell confirmation is line breakout. Recently, it has broken 200 moving average. If it shows closing price below the neckline and 200 MA consecutively, NG will fall nonstop. X and Y are the formation's size. Here is the value of x 100 and y 74. So, according to H&S formation, it can collapse up to 112 - 86 . Hurdle: 196 Short-term targets: 170 - 168 Long-term targets: 146 - 136 Here are H&S, RSI, MA, and DMI throwing sell signals.
MCX:NATURALGAS1!Short
by freestocktips
MCX Crude Palm Oil: Fifth Wave Rally Is StartingMain scenario: consider long positions from the control price or support trendline for the target level of 1040 - 1080 - 1100 - 1110 . Analysis: Daily time frame - presumably, the crude palm oil has started an Elliott wave and made the 4th wave, and now it's making a fifth wave. According to EWT, the fifth wave will be completed at 61.8% or 50% of Fib retracement 1+3 . Alternative scenario: breakout and consolidation below the support trendline will allow the CPO to continue declining to the levels of 880 - 760.
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by freestocktips
1
PART 2: When Will MCX Gold explode?On 15 Feb 2021, I have written an article on Gold. First, click below & read again: URL: I have written in that article, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200 ". Gold has touched all targets. NEW UPDATE: ============== Keep eyes on the retracement value of 0.618. It will act as a resistance. Targets: 44260 - 43600 - 43000 - 42260 Alternative scenario: If gold remains above 45200, it may try to hit 0.382 (TP: 46000 – 46800+ ).
MCX:GOLD1!Short
by freestocktips
1