MCX 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...
Nickel has started moving forward since March 2021. It will complete the 5th wave soon.
According to Elliott wave projection, MCX nickel can touch 1570 to end the 5th wave.
Intraday & short-term traders can buy nickel for the target of 1485.6 – 1506 – 1532 – 1550 – 1570 .
MCX Mentha oil can bounce here. It can retest the 960 . The intraday & short-term investors should enter around the support trendline for the targets of 926 - 936 - 958 .
Further information I will update you soon.
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...
In 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...
Key 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...
If the bank nifty does not close above the support trendline, it will come into a downtrend. The market can recover up to 34460 - 34700 levels.
The downtrend range is 3880 points from the breakout point.
Don't sell above the retracement level of 0.236 . It's a stop for intraday sellers.
Look at the above weekly chart of MCX Copper. It has created an ascending channel pattern without breakout. This channel started in the previous year's April month. At present, it's falling after making a tail. But how much it can go down? Copper may fall more from here, and that can be up to 728 - 710.6 levels.
But overall, it's on an uptrend. So, soon it will...
Is it a good time to take a long position in silver?
According to the previous data, it has breaks 2021's support trendline. But the price has bounced off from the 200 moving average. And it's not crossing the 0.886 value of retracement. Hence, at the present silver trading range is between 73222 - 69076 levels.
This week silver may collapse up to 0.786 ( TP:...
MCX gold will keep moving further advance up to the targets of 50000 - 51000 levels. But after the first target, gold will try to take a reversal for 0.382 to 0.236 levels of retracement.
Long-term Targets: 51575 - 52492+
MCX Mentha oil can try to collapse up to the support line before hitting the following targets: 986 - 1000 - 1020
Attention: don't buy below the support trendline.
This MCX Mentha oil research is based on the Feb 24 article. Click the below link to read it:
Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 - 66600 - 67000 - 68000 .
Overall, a clear...
According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 - 172 - 168 - 162 soon.
At present, if we see for intraday traders, then it's upward. Aluminium will touch 184 - 186 levels, and then ABC correction will start.
Gold futures preparing to come at $1740 - $1750 - $1760 . Day traders must wait for a breakout of the control price line before entering.
The uptrend will end whenever the gold spot price breaks strong support.
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box ( rectangular formation ), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 - 45300 .
Targets: 45560 - 45680
If gold breaks the bottom of the...
MCX 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....