MCX crude oil has made the bullish Elliott wave on the 4H time frame. The fifth wave is remaining, and the trend has to cross 3900 - 4000 - 4040 to complete the fifth wave.
Then the trend will fall for a short time to make the A of the ABC correction. After that, it will rise again to a particular level to make the B, and then fall again for a short time to...
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 the daily chart of MCX crude oil, it is further advance for short-term investors. The retracement level of 0.618 is a perfect entry-level.
In the previous update of crude oil, we have recommended buying many times.
As per RSI & MA, it seems bullish. We will see soon target 1 and target 2 price after a short reversal.
But if you want to...
Crudeoil has started an Elliott wave and made the 4th wave, and now it's making a fifth wave. As per the rules of the Elliott wave, the fifth wave will be completed at 61.8% ( 3648 ) or 50% ( 3600 ) of Fibonacci retracement 1+3 .
The 2nd wave is 61.8% of the 1st wave, the 3rd wave is (more than) 261.8% of the 2nd wave, and The 4th wave is 38.2% of the 3rd...
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.
Did you read my 23 Nov report on crude oil?
Visit here: Identifying the Crude Oil Price Next Big Move
I had written in bold words, " smart investors can buy for 3260 - 3300 - 3360 - 3400 levels ".
Crude oil has touched the first three targets by making a high of 3376 levels.
Per lot, we have made a profit of 150+ points ( Rs.15,000+ ).