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Mcxcrudeoil

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
Crude Oil (MCX): Monday - 31/10/22Levels: Support: 7180-7160, 7120, 7000 (Solid Support, even in OI data) Resistance: 7250-7275, 7300, 7400. OI Data (16th Nov Expiry): Highest OI Call in Crude per OI data: 7500 Highest OI Put in Crude per IO data: 6500 Nearest Major Resistance in Crude per OI data: 7300 Nearest Major Support in Crude per IO data: 7000 Trade setup: 1. Still by-and-large range-bound. However the range is shifted higher side. 2. New range: 7300-7000 (Price-Action data is matching with OI data) 3. Anyone wish to play hedge can go with a range-bound non-directional strategy of the following range. A. buy 7500 CE (Nov-16 expiry) : B. buy 6800 PE (Nov-16 expiry) : C. sell 7400 CE (Nov-16 expiry) D. sell 6900 PE (Nov-16 expiry) Net credit - (i.e. you need not to pay, rather earn different of premiums): 70 per lot. (Margin you have to check with broker) BEP (safe range): 7450-6850
MCX:CRUDEOIL1!
by pradipandsuvra
Crude Oil (MCX): Thursday - 27/10/22Levels: Support: 7180, 7120, 7120, 7020 Resistance: 7290-7300, 7360-7400. OI Data (16th Nov Expiry): Highest OI Call in Crude per OI data: 7500 Highest OI Put in Crude per IO data: 6500 Nearest Major Resistance in Crude per OI data: 7300 (1370 OI with 16% addition y'day) Nearest Major Support in Crude per IO data: 7000 (2615 OI with 25% addition y'day) Trade setup: 1. Yesterday there is a very good breakout above 7180 level with high volume.Which is a bullish indication. 2. The next crutial level to watch for is: 7300 (7230-7290 is the zone). If it sustains above it, 7400 is in the card. 3. Anyone wish to play hedge can go with a range-bound non-directional strategy of the following range: A. buy 7500 CE (Nov-16 expiry) B. buy 6600 PE (Nov-16 expiry) C. sell 7400 CE (Nov-16 expiry) D. sell 6500 PE (Nov-16 expiry)
MCX:CRUDEOIL1!
by pradipandsuvra
Crude Oil (MCX): Wednesday - 26/10/22Levels: Support: 7000, 6900, 6775 Resistance: 7100, 7150, 7220, 7275 OI Data (16th Nov expiry): Highest OI Call in Crude per OI data: 7500 Highest OI Put in Crude per IO data: 6500 Nearest Major Resistance in Crude per OI data: 7000 Nearest Major Support in Crude per IO data: 7000 (These 7000 levels seem very important from crude, it has total 3600 OI across Call & Puts, 25% addition y'day) Trade setup: 1. Today (26/10/2022, Wedesday) MCX is open in the evening slot (5:00 PM to 11:30 PM) 2. Crude is range-bound since last 3 trading sessions. Range is: 6900-7200.
MCX:CRUDEOIL1!
by pradipandsuvra
#Crudeoil turning lower - Wave A down in a diagonal Crudeoil has been on a tear making new highs in the last few weeks . All this may have ended in a wave 5 of 5 and a major turn seems to have begun. The downmove from the Feb 15th high is clearly a diagonal wave A ( or wave 1) , a correction in wave B ( or wave 2) has completed a few hours back. As long as the 94.95 high holds , look for an accelerated move at a minimum to 84, this could then lead to a medium turn that will keep crudeoil make new lows. We'll reassess further bearish potential at the later stage. For now look for a move to the 84-85 handle
NYMEX:CL1!Short
by SolomonsView
EWT: Will Crude Oil Reach 7000?Crude oil is forming impulsive waves ((5)). After the completion of wave ((3)), the price had started complex running flat of the corrective wave ((4)). Wave B has crossed the high of wave ((3)), but wave B couldn't break the low of wave A. Price has made a failure of swing low, which was a rejection of a downtrend, and crude oil gained momentum. Price has exceeded the sub-wave B of wave ((4)). Sub-wave 4 of wave ((5)) is in progress. If their price breaks out the high of wave 3, we can expect the following target for final sub-wave 6697-6785-6865+ . It means the price has bullish sentiments above wave three and vice versa. Breakout of the parallel channel shows the weakness of the impulsive wave. Note that wave four can never overlap the starting point of wave 1.
MCX:CRUDEOIL1!
by forextidings
2
Unlocking The Next Targets of MCX Gold, Crude oil, & AluminiumGold Price Slowly Going Upside Key levels: 48113 - 47616 MCX gold has been moving under the range of 48113 - 47616. It's a very crucial point. We may see a continued uptrend ahead if it breaks and close above 0.382 retracement level. That can be up to 48260 - 48490 - 48600 - 48700. And if it breakdown the 0.5 retracement level, then we may see 47496 - 47300 - 47160. Kindly note, 47616 is strong support. ***Beware, Crude Oil Bulls - That’s the Beginning of the End*** Barrier: 6290 level Crude oil may keep running upward for the levels of 62360 - 6500+. To maintain an uptrend, it has to crossover the hurdle level of 6290 by closing above. And if it breaks the level of 6060, then wait for my update. ***Aluminium Is Going To Test Critical Technical Support Levels*** MCX Aluminium is coming back to the strong support of 226.6. Be ready to jump on it.
MCX:GOLD1!
by forextidings
MCX Crude Oil Elliott Wave Cycles Point More Upside Price had made extreme low at 795 on 20 Apr '20. It had started a quick recovery after an inviolable bottom-out. Due to bearish sentiments and no evidence of the verified bottom, It had constructed 2nd wave correction. The second wave retraced 38.2% of wave 1, which indicates a sturdy bull trend is ahead! The acceleration phase lasted for 246 days and, the Fibonacci extension of wave 3 was 161.8% of the wave. The public participation increased when the price had broken up the high of the first wave. It has the signal for bulls that crude was likely to make a new high. After the acceleration phase, the price has corrected the bull phase with a double zigzag. It had retraced 38.2% of wave 3. This correction was sharp in comparison with 2nd wave. According to the above chart, Wave 2 has taken 89 trading sessions to correct wave 1. Wave 4 has taken 45 trading sessions to correct wave 3. Wave 4 was a surprising disappointment for the bull traders. Here, wave 3 is not a power extended because it hadn't moved across wave 1.618% of wave 1. According to the Elliott wave principle, commodities are more often extending at the 5th wave. Currently, the price has made a new high of 6428 . Price has entered the corrective phase. It is constructing the 4th sub-wave of the impulsive wave ((5)). There are two possibilities, 1. If the price breaks the parallel channel, we can expect 50% to 61.8% retracement for wave 4. Be aware of the fake breakout! Remember, entry is also not possible without an exact reversal signal. Caution: Wave 4 can never overlap the starting point of wave 1. 2. Price is on the control line of the base channel. The safe trader can enter the buying position when price breaks the wave B. Be connected with me to get intraday updates.
MCX:CRUDEOIL1!
by forextidings
5
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