This setup taught by my awesome teacher, a legendary trader from Malaysia, Mansor Sapari. But man, to get this setup, you need to have a very very strong patience. Of course this setup is not my only setup to trade. In order to get a complete setup: Must have -fakeout -compression -cap price zone -support resistance -supply zone -resistance become...
Crude oil has broken March 2020 support trendline today. That is indicating a direct sell signal. If crude crossover & closes above to 5160 levels, then it can come out from the downtrend. And we may see 5300 - 5500 again. According to the current breakout, MCX crude oil may hit the following levels: 4800 - 4760 - 4660 - 4590
The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 - 3660 - 3470 can be expected before the uptrend resumes. If there will be the upside breakout of wave 5 ( Protective Stop: 3980 ), then it's a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update...
Was That the Top in Crude oil? Crude oil price is running nearby a 78.60% retracement level, and it can act as support. Hence, trade with the trend: sell positions executed around 78.60% retracement level area for the targets of 2660 – 2600 – 2560 – 2500. For long-term investors: they can hold for 2410 – 2320 levels. Don’t sell crude oil above the ...
As per this chart, MCX crude oil is looking upside. Trend continuation Targets: 2900-3000 Breakout Targets: 2390-2160