Crude OIl Selling Zone is Arriving by Price ActionCrude oil have recorded the Same Bearish Zone for multiple times, again the same zone is expected to be the Supply Zone.
Sellers can be expected over that area and the Target is also mentioned.
Crude Oil WTI
Crude oil Buy / Sell Based on Fibo and GannSell crude oil at 2824 / 2835 Stop loss 2853 Target 2771 / 2745
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
39.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 39.70 is broken.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 39.50 on 11/05/2020, so more losses to support(s) 36.30, 34.60, 30.85 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 44.
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CRUDE OIL Touched "Megaphone" Lower LevelGave sell call in crude oil has fully achieved given target. Now very crucial part -
Buy Crude Between 2775-2780 Strict SL - 2749
Sell Crude If Breaks 2749, Will Update SL & Target Once Breaks 2749.
Crude oil Buy / Sell Based on Fibo and Ganncrude oil sell at 2877 stop loss 2908 target 2823 / 2797
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CRUDE OIL "Megaphone" DetectedA very interesting pattern. Sell crude oil in range of 2900-2930 Strict SL - 2961 Target - 2775
Crude oil Buy / Sell Based on Fibo and GannBuy crude oil 2844 stop loss 2815 Target 2897 / 2924
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Crude oil Buy / Sell Based on Fibo and GannSell crude oil at 2754 stop loss 2782 Target 2676
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Crude oil Buy / Sell Based on Fibo and Gannbuy crudeoil at 2565 stop loss at 2549 Target 2628 / 2654
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Crude Oil Price Setting Up For A Downside Price RotationFirst, 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 at/below 2840 – 2820 level ".
THESE TARGETS HAS REACHED.
And for the short-term traders, I had written in bold words, " this symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern. Downward breakout’s targets: 2610 – 2500 – 2460 ".
Crude oil has touched the first target ( 2610 ) by making a low of 2606 level on 29 Oct '20. Now let's come to the point, will crude hit the second & last target or not?
CRUDE OIL DOWNSIDE BREAKOUT ALERT!
If crude oil prices break out the 2600 level, we will see 2540 - 2500 - 2460 levels before the weekend.
Please note that don't sell it above the 2600 level.
I have updated significant releases or events that may affect the movement of bullion & the energy sector commodities here:
MCX CRUDE OIL BASED ON US OILPrice action setup og Crude Oil Mcx based on th US OIL
only at the marked point think of an entry
not before that
we need a change in momentum first
MCX Crude Oil Hourly Charts In-Depth AnalysisFOR 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 oil at/below 2840 - 2820 level.
FOR SHORT-TERM INVESTORS:
This symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern.
Upper breakout's targets: 3130 - 3200 - 3280+
Downward breakout's targets: 2610 - 2560 - 2460
Beware to tail, fakeout, and excess.
